A NEW ERA OF RISK MANAGEMENT

MINE SITES OPERATE AS COMPLEX ECOSYSTEMS, WITH HIGH-VALUE ASSETS AND CRITICAL MACHINERY WORKING TOWARDS ONE GOAL: EXTRACTING AND PROCESSING COMMODITIES FOR SALE.

- 

Mine operators typically employ risk-management strategies to preserve assets, fulfil insurance requirements, and keep operations running smoothly.

But doing this effectively requires deep operational knowledge and data-driven engineering insight into high-risk assets and potential loss scenarios — expertise difficult to maintain in-house.

FM - a large global property insurer with a dedicated engineering network - helps mining operators identify and manage the risks that matter the most to their organisations, proactively helping them avoid costly losses and downtime.

“FM's philosophy has always been that the majority of losses are preventable,” FM account engineering group manager Matt Pilgrim told Australian Mining.

“We employ thousands of engineers worldwide who go out and evaluate essentially every location that we insure. This informs a risk assessment to understand the risk profile of each individual site.”

These risk assessments help our underwriters structure insurance programs that meet the clients' needs and offer invaluable insights into key processes, equipment and hazards.

“Our field engineers collect around 700 data points when conducting a site evaluation,” Pilgrim said.

“This incorporates almost every moving part on a site, including the buildings, equipment, processes, protection systems and natural hazard exposures.

“When we combine this with loss history using predictive analytics, we get some powerful insights about loss drivers at both a location level and an industry level.

“Our role is then to present our risk assessment to a client and say, 'Here's what we know about your industry and where losses are most likely to occur. Here are your assets most at risk of loss. Here's the risk profile of your business overall.”

Targeted recommendations