Managing Complexity in Mining - Mitigating Risk
GPR Dehler recently interviewed five mining industry leaders on how companies should set and enact long-term agendas to deal with complexity: Nick Curtis (Lynas Corp); David Flanagan (Atlas Iron Limited); Owen Hegarty (G-Resources, CST Mining, Tigers Realm Minerals and Coal) and Jake Klein (Evolution Mining) They highlighted four critical strategic areas on which mining companies – individually and as an industry – should focus. The following addresses the one of these strategic areas: Risk.
Improving the assessment and management of risk is core to effectively dealing with complexity. Routine underassessment in the past has led to issues such as the failure to foresee the impact of the global financial crisis, for example. Companies can’t predict the future, but it is in their power to position themselves to survive different outcomes by choosing to manage risk. Again, the key is being responsive: accurately defining the risks and setting the business up to handle them.
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