Integrated Annual Review 2012 Annual Financial Report 2012 Mineral Resources and Mineral Reserves Regional overview  

3.2.1 ERM process

The ERM is based on the following process:

  • Workplace risk assessments: Line management carries out ongoing hazard identification and workplace risk assessments in accordance with international standards (e.g. AUS/ NZ4360 and SAMREC guideline)
  • Mine/region reviews: The Executive Committee of each operation and region conducts a risk review of the top risks and mitigating strategies on a quarterly basis
  • Presentation to Exco: The Mine Manager presents the top 10 risks and mitigation actions to members of the Exco during quarterly business reviews. The impacts of relevant mitigating actions are assessed in terms of their relevance and effectiveness
  • Compilation of Group Risk Register: The Group Risk Manager extracts all of the top risks from the regional and operational registers in line with the tolerance levels set by the Board, and compiles the Group Risk Register
  • Assessment and moderation: The risks are then assessed and moderated in a Group context by the relevant risk owners and Exco members
  • Exco Risk Meeting: A top risk register review is conducted and Group-wide mitigation strategies are set and monitored during the Exco Risk Meeting
  • Audit Committee review: A review of the top risks and mitigation strategies is conducted by the Audit Committee twice a year
  • Internal Audit review: An audit of mitigation strategies is carried out by Internal Audit