A Case Study of Managing and Reporting Risks in a Multi-National Company

Authors: Quinlivan, D; Lewis, T Download Paper

DOI https://doi.org/10.36487/ACG_repo/708_36

Cite As:
Quinlivan, D & Lewis, T 2007, 'A Case Study of Managing and Reporting Risks in a Multi-National Company', in Y Potvin (ed.), Slope Stability 2007: Proceedings of the 2007 International Symposium on Rock Slope Stability in Open Pit Mining and Civil Engineering, Australian Centre for Geomechanics, Perth, pp. 533-541, https://doi.org/10.36487/ACG_repo/708_36



Abstract:
The practical implementation of the principles of risk management poses many challenges for many companies. This is especially so for multi-national companies with many operational sites. This paper is based on a case study of the implementation of a business risk management framework within a leading mining company in Australia. It provides an overview of the framework and explains the practical challenges and solutions in its implementation. At the time of writing a pilot study had been completed at two sites and the implementation and refinement of the framework is ongoing. For reporting and corporate governance purposes a distinction was made between significant risks and lower level risks. Lower level risks can be managed effectively at a site or project level. Significant risks require additional oversight and management compared to lower level risks. The framework implemented at the company aims to manage significant risks and have them reported to the next management level. Annual reviews aligned to annual budgeting processes are aimed to assist with effective resource allocation. The status of risk treatment action plans for significant risks are planned to be reviewed and reported on a more frequent basis.

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