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Convergent quantitative Entreprise Risk Management on Divergent Risks

Convergent quantitative Enterprise Risk Management on Divergent Risks is an extension of our recent discussion on business interruption risk profiles. The example we discuss is present in: our last book Convergent Leadership-Divergent Exposures Climate Change, Resilience, Vulnerabilities, and Ethics an article at CIM 2021 about Concentrate Transportation From Mine to Market is Critical to Mines’ Profitability Setting the scenario for Convergent quantitative Entreprise Risk Management on Divergent Risks Suppose a corporation owning and operating three chemical plants sends their products…

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Business interruption risk profiles

Riskope’s ORE deployments generally include quantitative convergent business interruption risk profiles. These are based on “as usual” and, very importantly, on divergent scenarios. They allow for tactical and strategic corporate planning while facing, for example, climatic uncertainties. It is not rare to see a client smile at our scenarios descriptions. In particular, when they include hazards that may be interpreted as “far fetched”. Indeed, the dominos effects that intervene in those cases, due to the interdependencies within the considered system…

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Pit failure at Codelco Ministro Hayes in Chile

We read about the recent pit failure at Codelco Ministro Hayes in Chile. We have also read that there will be no impact on the mining operations in this particular case but that is not significant in today’s proposed discussion. This failure is particularly interesting for Riskope as we recently performed a ORE2_Slopes quantitative risk assessment on a large open pit mine in Austral Africa. For a change the client mining company and the mine location are confidential. By the way,…

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ORE2 tailings conclusions

This series of eight blogposts is a summary of what a standard ORE2_Tailings™ quantitative risk assessment deployment report includes. Indeed, the ultimate goal of the report is Risk-Informed Decision-Making (RIDM) support for the owner and the EoR. As a matter of fact the methodology is compatible with ISO 31000 and of course ICMM GISTM. The ORE2_Tailings™ deployment uses archival documents supplied by the client for each Tailings Storage Facility (TSF) and finally related dams and written Q/A sessions The report…

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ORE2 tailings RIDM

We split this Chapter in two sections: section 10.1 discusses what actions one can take to enhance the knowledge base. These are obvious “simple” procedural mitigations. Thye lead to better understanding of the risks and/or to mitigate them. Section 10.2 shows how one can deploy ORE2_Tailings™ during the mitigation design process. That is in order to support decision-making. The goal is to define rational and sustainable risk mitigation programs. This process has to occur in parallel with the design by…

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ORE2 tailings deployment steps

ORE2 Tailings deployment steps: 5.1 Failure definition We designed ORE2_Tailings™  to support RIDM for tailings dams portfolios reliability enhancements. One achieves reliability by reducing failure likelihood to a certain level, and risks are tolerable. Thus it is necessary to clearly state what one considers the success of a structure within the portfolio. Indeed, unless we clearly define success, failure remains an ambiguous term.   ORE2_Tailings™ considers a dam successful if it: stands as built and does not break allowing for…

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Landslides consequences of accidents are multidimensional

Recent research results confirm a point we have pushed forward for many years. Landslides consequences of accidents are multidimensional and risk assessments should consider all the pertinent dimensions, such as for example: loss of life, financial losses, and finally, environmental and other impacts. Indeed, Strouth and McDougall recent Historical Landslide Fatalities in British Columbia, Canada: Trends and Implications for Risk Management, precisely proves the point plus a number of other interesting considerations. A review of British Columbia landslide fatalities The…

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Risk Management glossary update

We recently carried out a Risk Management glossary update. The reason for this update is the new book we will publish. Indeed, the book deals with a number of ongoing issues such as climate change, cyber attacks, ethics, and sustainability. These require us to define a series of new key terms. Where you can find the Risk Management glossary update You can browse through the Risk Management glossary update in its dedicated glossary page. There you can also download it…

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