Risk Management
PRINCIPLE
Assess, prioritize and manage risks that could affect operations as the primary mechanism to protect people, the environment, the assets and corporate reputation at a level as low as reasonably practicable.
EXPECTATIONSALL AREAS OF THE ORGANIZATION ARE EXPECTED TO:
8.1 Implement processes that help identify hazards, categorize risks, measure their projected magnitude in terms of their nature, and apply the necessary prevention and mitigation measures.
8.2 Verify that risk assessment is conducted by qualified staff capable of being objective; that it takes into consideration the relevant context, the human and organizational factors, and the lessons learned both internally and externally; and that it employs pre-defined methods, criteria and tools.
8.3 Document instances of risk assessment as well as prevention and mitigation measures, subject to specific review and approval procedures according to the magnitude of residual risks, and convey the results to relevant stakeholders.
8.4 Update risk records at pre-defined regular intervals, including hazards identified, their likelihood, their severity, the level of associated risks, and their associated prevention and mitigation measures.
8.5 Prioritize, according to the risks involved, the implementation of pre-defined prevention and mitigation measures and include them in the Annual Plan.
8.6 Manage the design, implementation and control of prevention and mitigation measures.
8.7 Manage non-operational risks which could potentially affect operations.
8.8 Listen to concerns about potential operational risks that the staff, neighbors from nearby communities, visitors and others may wish to raise; agree on the need to take specific actions as a response to such queries.
