The significant competitive advantage gained through adopting a modern and technology-driven approach to the mining risk function enables a greater focus on emerging risks and can establish the resilience needed in a rapidly changing world.
Social licence to operate and corporate trust are issues that continue to build momentum and focus in Australian mining executive and boardroom discussions.
Increasingly, mining companies and their counterparts are seeking more agility in risk management whilst simultaneously looking to reduce costs. Management and boards are also asking questions about how strategic risks focus on, compare against, and map to, well-grounded operational risk profiles.
In the first article of The mining risk function of the future, we explored how the risk function needs to evolve as longstanding practices are no longer the ideal approach to deal with today’s threats. We surfaced the impetus for evolution of risk functions as well as the characteristics expected of the risk function of the future.
In this second article, we explore how adopting a modern and technology driven approach to risk can deliver value and elevate the risk function to an integral part of the business.
The journey of transformation to a value creating risk function of the future will differ widely across different mining organisations, and indeed each organisation will need to independently determine their pathway to this future state based on their current maturity. Notwithstanding this, there are some common opportunities which are discussed herein. Notably, these opportunities are scalable and available to large and small companies alike. Indeed, many smaller companies are embracing these opportunities more readily as they grow and look to mature and build the risk function of the future now.
Read more in the full article.