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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
ASX Corporate Governance Council (2003) Principles of Good Corporate Governance and Best Practice
Recommendations, March 2003, Australian Stock Exchange.
Group of 100 Incorporated (2003) Guide to Compliance with ASX Principle 7: Recognise and Manage Risk, November
Joy, J. and Griffiths, D. (2005) National Minerals Industry Safety And Health Risk Assessment Guideline, Version 4 -
January 2005, Minerals Council of Australia, p. 2.
Standards Australia (2004) Australian/New Zealand Standard AS/NZS 4360:2004, Risk Management.
Standards Australia (2006) HB 158 - Delivering assurance based on AS/NZS 4360: 2004 Risk Management.
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