Risk Management

MKO commenced the implementation of the Integrated Operational Risk Management (IORM) process in October 2003.

Risks have been identified, quantified and recorded in the IORM risk register (an online web based risk assessment and recording tool). Risks were quantified in terms of their potential to cause loss of life and their potential financial impact on the operation.

The information was used to understand what can be done to reduce identified risks. Risk management focused on either reducing the frequency of risk events or reducing the consequence that the risk posed. Actions focused on either the adoption and improvement of current control routines or the identification of plant upgrades. To ensure that agreed risk management plans are considered in all site-planning processes, a formal link has been established between the IORM process and site capital and operational expenditure planning processes. Documented risk management plans are created as part of the planning process.

Audits and Assurance Reporting

All Environment, Health and Safety Management System Standards are audited every two years and a minimum of five WMC Major Hazard Standards are audited annually to assess the site's performance against corporate and statutory requirements. In 2003, all EH&S Management System Standards were audited together with five Major Hazard Standards. During 2004, four Major Hazards Standards were audited in accordance with WMC's internal assurance requirements. The fifth planned audit was deferred into 2005 due to resource availability. A total of 14 Major Hazards Standards apply to the sites activities.

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