How To Make Mining Project Risks Assessments More valuable

There are different types of projects initiated to create new equipment, new construction, or new mine. No matter what the type of project, risk assessments is usually viewed as a compulsory burden in case of management and delivery of a mining services project. However, things shouldn't be this way.

A well managed, oriented, and effective risk assessment workshop can be of immense value for all the participants of the mining services project, including project managers, and clients.

Project managers, in mining services, focus on getting the most information and understanding of risk in the most effective manner. This implies bringing down the time and efforts needed whilst maximizing the worth of the process and the outputs. To accomplish this task, a realistic and experienced approach needs to be adopted.
Below listed are top tips for making risk assessments processes for your project so that you can add efficiency and value to your projects.

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Identify your aim:

Risk assessment is a compulsory process as it is a part of the project scope or what the client requires. However, this is not enough to provide direction on what you wish to derive from the process. First and the foremost, you and your risk facilitator must be clear about the purpose behind undertaking the risk assessment process, and the learnings you will derive from it. Your aim of undertaking the project and the outcomes of the process helps the risk assessment team to work in a single direction.

Plan in advance:

You must determine the date, time, and place of your risk assessment workshop well in advance. Once all this has been decided, you need to inform all the attendees so that they can gain knowledge about the overview of the process. You need to decide the core team which will work on the project. You also need to finalize the names of specialists who can be contacted when specific knowledge is needed.

Stick to the standard ISO31000 but be pliable:

The international standard ISO31000 can guide you in detail on how to recognize, analyze, assess, and manage risks. It informs you about the proper risk management process, yet allows you to be pliable. Since there is no one-size-fits-all risk assessment, it is best to adopt a flexible approach.

Populate in advance:

Risk coordinator is the source of a lot of data to fill your risk register. One hour of work performed by a person before the workshop can save several numbers of hours of work later on. In the mining services workshop, team members should devote time towards recognizing unseen risks and establishing realistic ways to reducing them. This is better than just typing already known information.

Delve deeper into controls:

Majority of controls can be listed in a risk register or spreadsheet. Later, these can be analyzed to check if the risk is acceptable. However, this doesn't suffice. The controls need to be checked in detail to know if they are truly effective realistically. The focus must not be just on listing controls, but also on how control can actually work to bring down the risk.

Emphasize on value, not scores:

The main aim of the scoring exercise should be to get an overall ranking of the risks. This must be more focused on than just risk scoring. Risks must be ranked to know the intensity of their impact on the project. In the risk assessment process, the value lies in risk identification and risk reduction measures.

Leave dependency on Excel- Go analogue:

With all the tables, formulas, and cell styles excel offers, it has become favorite of risk assessments. However, information fed into it might be tough to follow and read when projected on a screen. People like to view a list. Hence, give up that computer and take up the whiteboard. Simply put, the risk identification stage must be performed offline to initiate the creative thinking process.

Generate amazing outputs:

Spreadsheets and risk registers contribute a little towards risk management. How the data in them are utilized and communicated is of utmost importance. Great outputs include following risk assessment workshop, developing a summary of highlights, and a communication package to spread awareness about highest risks.

Utilize the services of an experienced facilitator:

A risk workshop, in mining services, facilitator’s responsibility  extends to much more than ensuring that the right information is fed in the right cell of the spreadsheet. The facilitator's skill and experience ensure that the entire team remains interested and engaged throughout the project. This lets you meet your goals within the deadline.

It is important for you to find a facilitator who has a complete understanding of your industry, project, and challenges. He must aware about the terminology used, the hazards involved, risks, and ability to communicate efficiently with team members. An ideal risk facilitator must be good at asking questions and sharing information which lays importance on managing risk.

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