This paper identifies eight key drivers of value and the associated risks. To safeguard this value, organizations need an integrated risk and assurance strategy that gives comfort to shareholders and other stakeholders.
- Value should take priority over volume, with management more accountable to Boards for quality, risk and assurance disclosures.
- There is a strong commercial rationale behind investment in the workforce, the community and the wider environment.
Quality growth through major projects
- Formal, tightly monitored project approval and budgeting processes reduce the risk of poor performance or overspend.
Operational excellence and profitability
- To maintain high productivity in difficult and dangerous environments, capital equipment and geological assets should be carefully managed.
- Compliance is an essential part of good governance and risk management, with the Board holding ultimate responsibility.
- IT is integral to strategic decision-making, enabling management to access a rich source of data to raise operating efficiency.
Reputation and ethics
- Three levels of defence against criminal activity include: prevention, detection and response.
- An effective tax compliance strategy strengthens relationships with revenue authorities and gives greater certainty over tax obligations.