Risk can take many forms. As important as it is for company directors to monitor risks from the pandemic, a close eye must also be kept on more traditional property risks including fire or damage from natural disasters.
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, warning that calls for facilities to be shut down could come suddenly and traditional hazards remain in addition to new ones.
This year has highlighted the need to be prepared for the unexpected. While mining sites are in general very resilient operations, this goes for miners too. FM Global group manager, account engineering Michael Beaumont writes.
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.
There are three key aspects to managing cyber risk – physical security, industrial control systems and information security. Boards and leadership teams looking to ensure their businesses are protected effectively must implement products, processes and educational initiatives taking each of these areas into account.
While acquisition strategies are an essential part of fuelling future growth, the risk implications are often extensive. The acquiring business must address these throughout the transaction and subsequent integration process.