Effective risk management is a source of sustainable business benefit and a fundamental way we deliver value for our stakeholders. It is essential to good decision-making related to negative risk – those that have a negative impact on people, environment, communities etc. Sustainability related form part of SSR’s wider enterprise risk management (ERM) framework. The goal of risk management at SSR is to prevent and minimize harm/ loss while optimizing opportunities. The goal of ERM is to assess and manage all risks that could have a material impact on the Company and its stakeholders.
The primary goal of the ERM process is the identification and assessment of significant risks and the implementation of suitable risk responses. The process includes top down and bottom up risk identification and assessments from operations, subject matter experts, and management.
The following risk mitigation activities were carried out in 2020.
Examples of Risk Assessment
| Risk Assessment | Purpose of the Assessment | Example of Potential Risk Identified |
|
Tailings Risk Assessment |
Identify and analyze conditions or events associated with tailings facilities that could impact communities, environment and or safety and health of our workforce |
Uncontrolled process water discharge |
|
Physical Climate Risk Assessment |
Identify the current and emerging physical risks to our operations from climate change |
Increased forest fire events in region |
|
Project Risk Management |
Identify and control risks to effective project management and execution |
Identification of impacts to schedule |
|
Quarterly Risk Assessment |
Identify and analyse risks associated with projects that could negatively affect site success |
Lack of skilled workforce due to pandemic |
|
Annual Risk Assessments |
Identify and assess risks that could negatively impact business success |
Evolving risks such as geopolitical developments or potential pandemic |