Risk culture in the mining industry: Why Should it Matter?
The concept of business risk has evolved to encompass all day-to-day issues, driven by the realisation that often success or failure is dependent on the behaviour of an organisation’s people – either individually or in groups.
In an increasingly complex corporate world, managing risks related to an organisation’s ‘human capital’ is critical. Given the new developments in the mining industry outlined elsewhere in this Review, this is especially the case for the mining industry.
The management of these risks is often perceived as challenging because it’s thought within the mining industry that people-related risks can’t be quantified. However, it is precisely the intangibles and uncertainties inherent in this ‘human capital’ asset that are critical to today’s evolving corporate risk and safety management strategies.
A good, balanced risk culture helps miners identify and take advantage of the right opportunities, to gain competitive advantage and reduce the total cost of risk.
See the full report from Willis Towers Watson below.