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Tailings risks correlations

Tailings risk correlations or lack thereof refers to a phenomenon we oftentimes encounter in ORE ERMs deployments in various industries. The risk bubble in the p-C graph The figure below shows a classic simplified result from a ERM. The quadrant is the probability (p), Consequence (C) quadrant with the addition of the risk tolerance band. The band has a width corresponding to the divergent opinion between optimistic and pessimistic key stakeholders on tolerance. A given hazard has uncertainties on both…

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Tactical and strategic planning for dam portfolio using ORE2_Tailings

Tactical and strategic planning for dam portfolio using ORE2_Tailings is the third of a series of blogposts explaining how to use ORE2_Tailings™ results. Indeed it follows: Dam portfolio ORE2_Tailings support for decision makers and ORE2_Tailings supports ICMM global industry standard on tailings management conformance. We use the same figures we have developed in those prior discussions. Summary of the portfolio ORE2_Tailings™ results With respect to probability of failure The portfolio of ten dams is made of two “bad apple” dams…

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Risk tolerance for tactical and strategic planning

We discuss risk tolerance for tactical and strategic planning using an excerpt from a case study in our forthcoming book. The title is Convergent Leadership – Divergent Exposures and the case study is in Chapter 16. In the book we include three complete case studies with different level of information and requirement. Setting of the case study covering risk tolerance for tactical and strategic planning Kryptonite corp. has three plants shipping bulk material through a wharf called Terminal reached by railroad…

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Tolerable risk thresholds

Tolerable risk thresholds, aka risk tolerance are always project and owner-specific. They indicate the level of risk which has been deemed acceptable for a specific project or operation. Furthermore, tolerable risk thresholds and appetite for risk is quite different for various key stakeholders, for instance: Mine owner, Regulatory Bodies, Adjacent Communities, etc.   So how can one manage the sometimes divergent tolerable risk thresholds between stakeholders? Additionally, a topic that comes regularly in the mining world is diverging risk tolerance among…

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Demands for Zero Risk

Oftentimes when explaining risks to Management or the public “Demands for Zero Risk” objection arise. Repeatedly, stakeholders may point out that any “non zero” risk is unacceptable. Indeed, in the aftermath of any recent accident (Samarco, Cadia, Mount Polley) public opinion, regulators, law enforcement agencies and the media vehemently embrace that vision. However, the first reaction should be to declare that goal  as not realistic as any endeavor has intrinsic risks. Indeed, we are exposed to hazards and resulting risks…

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Risk tolerance thresholds

Everyone has a different pain threshold and likewise, everyone has different risk tolerance thresholds. We use the plural because each one of us has various thresholds, for example, a perceived one and a financial one. Your risk and risk tolerance thresholds made simple Anyone of us, every-day decides to undertake some activities and consciously or unconsciously assumes risks we consider acceptable/tolerable or sometimes intolerable.Think about various activities: Hunting, fishing, driving a heavy vehicle, and finally cooking in one’s house. They…

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Opportunity, experience, learning from mistakes and regrets

Opportunity, experience, learning from mistakes and regrets come up in many conversations. Examples generally start with a IF: I had known what I know now. It would be possible to start over again. A second chance would be possible. It seems like we really firmly believe we can learn from prior mistakes. We can absorb lesson learned and profit from them. However, there is abundant evidence that is not the case. We tend to repeat patterns, even if we know they…

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Ten specific questions Riskope/ORE effectively and elegantly solve for you and your company

We are delighted to show below ten specific questions Riskope/ORE effectively and elegantly solve for you and your company. ORE is the methodology Riskope has developed over two decades of continuous improvements while working for Fortune 500, international organizations, private groups and governments. Ten specific questions Riskope/ORE effectively and elegantly solve for you and your company. For the ease of reading we have grouped the ten specific questions Riskope/ORE effectively and elegantly solve for you and your company in four…

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