COVID-19 is a major risk that has left its mark very quickly, leaving risk managers and boards in the position of having to deal with an unprecedented situation with a lot of uncertainty. One of the major risks for the mining industry is whether they may have to shut down and leave idle major facilities. We’ve already seen forced closures in mines overseas and Australia could be next.
Michael Beaumont discusses why boards and risk managers need to prepare today for the possibility of a pandemic related shutdown and idling of sites down the line. His warning is that, in the current environment, calls for facilities to be shut down could come suddenly and traditional hazards remain in addition to new ones, so operators must be prepared.
The coronavirus (COVID-19) outbreak has forced unprecedented sudden closings of facilities around the world. This article outlines some important steps to take to help minimise property loss during and after shutting down a facility.
Being resilient means preparing for everything—including infectious disease.
The coronavirus (COVID-19) outbreak is disrupting organisations in ways not previously experienced or planned for. What can you do to protect your business?
Attention FM Global clients: Whether or not your business has been affected by the coronavirus pandemic, you can be sure of one thing—now is the perfect time to learn all you can to make your business more resilient.
Lithium-ion battery-based energy storage systems (ESS) are in increasing demand for supplying energy to buildings and power grids. However, they are also under scrutiny after a number of recent fires and explosions. To increase awareness of what can be done to improve safety around this technology, commercial property insurer FM Global has publicly released groundbreaking research and recommendations.
Companies are increasingly vulnerable to indirect supply chain disruptions and need to factor this into their supply chain risk management.
Despite the increasing complexity of supply chain risk management, it seems executives in C-suites could do more to address the issue directly.
A recent survey by Pricewaterhouse Coopers found that Australian CEOs view cybersecurity risks as their greatest threat to business growth. Yet many mining executives are reporting that it would take a “catastrophic” cyber incident for industry to act and build adequate cyber resiliency.
As Australia drives towards 24 per cent renewable energy generation this year and up to 50 per cent by 2030, the challenge of managing evolving risks becoming more urgent. We expect to see even more gas turbines modified or upgraded to cater for this change in the generation mix. New gas turbine technology coming to market is increasing resilience by allowing existing turbines to be operated in peaking mode, cycling mode and fast starting mode.