To survive and prosper, mining companies must overcome a wide and diverse range of risks and adopt a holistic, integrated risk and assurance strategy – crucial to their becoming masters of risk, rather than victims.
- By aligning strategy with regulatory requirements, leadership can understand the true costs of major decisions and minimise financial or reputational damage.
- Mining companies should quantify the future impact of sustainability 'megaforces' such as climate change and energy scarcity.
- Processes and controls alone are not sufficient; risk management is part of everyone's daily job.
- To maintain high productivity in difficult and dangerous environments, capital equipment and geological assets should be carefully managed.
- Compliance is essential to good governance and risk management, with the board holding ultimate responsibility.
- An effective tax compliance strategy strengthens relationships with revenue authorities and gives greater certainty over tax obligations.