Inherent culture will help with effective risk management
Risks can’t always be avoided, and this applies to your personal life as well to the industry in which you work. True, you will face more risk in some industries than in others, but for risk management to be effective it has to be deeply embedded in the company or organisation’s culture.
According to John Ebbett, project director for Alacer Gold: “There is an inherent level of risk in any mining project as many outside factors can impede success, however with effective strategies in place risk can be managed.” Anagold, a majority owned company of Alacer Gold Corp, is using Active Risk Manager (ARM) to manage opportunity and risk across its major expansion project at the Çöpler Gold Mine in Eastern Turkey.
“With big gains there are often big risks, but ARM, with proactive support from risk management consultants JukesTodd, has given us the functionality to manage risk and the insight to quantify the opportunity. We have been using ARM for less than a year and the insight provided has already identified significant potential savings,” Ebbett adds.
Anagold identified that for risk management to be integral to the project they would need a solution that had limited barriers to use and could deliver an integrated and disciplined approach to risk management across all users, whether office based or remote workers.
ARM, with its Risk Express module, requires limited to no training and can be accessed from a laptop, smart phone or tablet. Users can check their dashboard to see if they have any actions to complete and the Risk Managers are able to see updates in real-time.
“For risk management to be effective it has to be embedded within the culture of the organization,” says Keith Ricketts, VP of Marketing at Sword Active Risk. Anagold recognised that for employees to embrace risk management methodologies, the tools need to support their everyday working practices. ARM Risk Express is the most intuitive interface we’ve ever developed and runs on any browser, allowing access from mobile devices, laptops or desktops. It enables users to actively participate on an efficient single risk management framework and share a common view and assessment of what opportunity and risk means to the business.”