IsoMetrix is a proud sponsor of The Mining Journal Intelligence World Risk Report 2020, a comprehensive annual review of mining risks and trends. It incorporates jurisdiction-by-jurisdiction ratings, methodically and scientifically compiled by combining hard risk ratings with risk perception which is measured by the esteemed World Risk Survey.
The latest version of this report provides mining organizations with insights on the importance of robust risk management tools. The Investment Risk Index introduces a detailed discussion, analysis and visuals of ten hard risk metrics and perceived risk scores for five categories: Legal, Governance, Social, Fiscal and Infrastructure. Furthermore, it includes an in-depth discussion and visual representation of Business Risk and Operating Risk.
In this year’s edition, John Castner, CEO and President of IsoMetrix Americas, focuses on technology and the future of Environmental, Social and Governance (ESG). In his article, John comments, “Today’s world is also a technology driven world. We are more connected than ever, access to information has never been greater, and transparency has therefore never been more important.”
Mining companies can, as some already do, leverage this technology to enable and accelerate ESG reporting and business practices. A key approach to ESG is to clearly make the connection between, and to then implement, an integrated risk management information system. In doing so, leadership shines the spotlight on the importance of environmental, social and governance issues within the mine, both at site level and as a corporate discipline.
The recent launch of the new global standard on tailings management, will impact the mining industry. John further explains how technology for managing the risk inherent in a tailings storage facility (TSF) will take the form of improved software management. “Digitizing the management of TSFs enables proactive risk management. Being able to gather environmental monitoring data, weather forecast data, and operational data (such as deposition quantities and rates, piezometer pressures etc.); then to feed this data into a management system, provides a company with key advantages. These include alerts when readings exceed thresholds, or early warnings when certain conditions are met; such as the strong possibility of a heavy rain event, coupled with reduced freeboard capacity of the dam and a high deposition rate – with the result being an increased risk of overtopping,” elaborates John.
The need to transparently disclose performance against ESG standards will also drive the adoption of relevant technologies. Systems that can seamlessly draw information in from various sources, automate the production of reports against multiple standards, and provide visibility at boardroom level of potential risk areas will provide a holistic view of organizational performance.
