Mining Risk Management

Managing the risk, reaping the rewards

The term “risk” has many meanings in the mining world. The current draft ISO guideline uses the broad definition of risk as “the effect of uncertainty on objectives”, and similarly broad definitions for “risk analysis”, “risk management” and “risk tolerance”. At SRK our consultants are aware of the broader perspective, but also of the fact that many areas of our practice require expertise with specific risk management tools. 

Risk Management Expertise

Our technical specialists apply state-of-the-art risk management tools related to their discipline. These tools vary widely. For example, our geotechnical engineers might use a reliability analysis to estimate the likelihood of a pit slope failure, and our environmental scientists might use an ecological risk assessment to characterise the significance of effects on the environment. 

Our ability to apply complex risk tools is modulated by experience and judgment. Our specialists are aware of the weaknesses of overly quantitative risk tools, and work with you to find the simplest approach. 

One of our particular strengths is the ability to integrate the methods used by our technical specialists into analyses of overall risks. Our processes help to take the numbers generated by technical consultants and relate them to your broader financial, environmental, community, and health and safety objectives. 

Our goal in all cases is to help our clients achieve “risk efficiency”, i.e. a state in which all of the technical and non-technical issues facing an enterprise have been identified, analysed and mitigated to acceptable levels. 

Mining Risk Management Services

  • Fault-tree analysis of engineered systems
  • Event-tree analysis
  • Reliability analysis of earth structures
  • Dam safety risk assessments
  • Human health and ecological risk assessment
  • Failure mode and effect analysis
  • Failure mode, effect and criticality analysis
  • Technical-economic model risk analysis
  • Enterprise risk assessment and management
  • Facilitation of risk assessment workshops

Contacts for this service

SRK North America