Adopting a risk-based approach to reduce risk and unlock hidden potential

Published: 2020

dss+ Mining & Metals Series

In the current resource constrained business environment, organizations need to ensure financial resilience through cost discipline and cash preservation while maintaining strong awareness of the day-to-day risks inherent to their operations and facilities. A cost-effective risk-based approach is now more important than ever to ensure safe, reliable and profitable operations by guiding the organization’s decision-making and resource allocation, especially in light of the COVID-19 global outbreak which is posing additional disruptions.

A risk-based maintenance strategy helps ensure integrity of critical assets, while a structured approach to defect elimination will unlock plant hidden potential, with significant contribution to unit cost reduction. It is imperative that an organization, aligned to business and operational priorities, acts fast and efficiently. For this purpose, a Management Operating System should be utilized as a platform to drive focus on key risks and value drivers, from leadership down to the frontline.