On Sunday, October 14, 2012 (08:30AM to 5:00PM) Riskope will present a short course at Colorado University Tailings and Mining 2012 Conference on ORE (Optimum Risk Estimates).
This short one day course will bring much needed answers to anyone involved in evaluating tailings risks in projects (including pre-feasibility level), operations, decision-making in the mining industry. Plain language (whenever necessary technical glossary is defined) is used through, and no mathematical knowledge is needed to understand the base concepts of ORE .
Recent major losses incurred by Mining Operations/Projects and Corporations around the world have shown that usual qualitative, matrix-based, Risk Registers leave their owners widely overexposed.
The Course will first discuss liabilities brought to Mining Operations and Corporations by (Tailings) Risk Management approaches using “Risk Matrices”, Probability-Impact Graphs, “Heat Maps” (we will use the acronym “PIGs” generically, to also include risk matrices and heat maps). In the second part we will show, by using real case studies how Mining Operations and Corporation can benefit from a transparent, proved and constructive approach called Optimum Risk Estimates (ORE) (Optimum Risk Estimates ©Oboni Riskope Associates Inc., http://www.riskope.com ). ORE can be built on top of existing Risk Registers based on PIGs and represents a very significant enhancement of the Operation’s/Corporation’s steering and governance capabilities.
When looking at Tailings Risk Assessments for Mining Operations and Corporations we will show that “PIGs do not fly”. They are misleading and could get their users straight in front of a Judge.
The formal, transparent, yet simple ORE approach, which avoids pitfalls and liabilities linked to PIGs, will be presented. Like PIGs, ORE can be applied to a wide range of risks, but leads to a clearer, rational, defensible description of the project/corporate risk environment (risk horizon). To date ORE have been applied to tailings systems, mining ingress/egress studies, environmental risk assessments and even cyber-defense programs at national scale by the Instructors. ORE has been deployed at various levels, from pre-feasibility to detailed design, operations, and acquisitions (in parallel and to support the Due Diligence Team.
The benefits brought to Operations/Corporations by using ORE are explained in this course using real life case studies. Fortunately, ORE can reuse most of the work already developed to establish a Operation’s/Corporation’s PIGs.
With ORE it is possible to upgrade existing Corporate Risk Register and to steer Operations/Companies/Projects toward a rational, defensible and transparent stance.