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Risk-IO manages mining security risks

[Sponsored] A local mining company with three large operations experienced increased security costs. The liability included no standardised risk assessment, poor management of the efforts to mitigate hazards, and unauthorised access with subsequent theft. The reactive approach to security was not only expensive but also wasteful in the sense that the costs were poorly managed, and there were no metrics to show improvement or trends in incidents.

In early 2023, the company adopted Risk-IO, a comprehensive security risk management app, to solve these issues.

Challenges before Risk-IO

Ad-hoc/reactive approach to risk assessment: There were a number of mining fields, but each group employed different modes of identifying risks, which resulted in non-harmonisation and gaps in the processes of physical security, as well as additional budget wastage because each mining field was trying to justify their variant of mitigation. Without a standard approach to assessment, it was difficult to understand the severity of risks that they wanted to mitigate.

No mechanism for tracking mitigation measures: Security teams could not identify which mitigations should be implemented as a priority, resulting in unnecessary costs and delays.

Escalated security expenses: Most security controls were put in place after a threat had been recognised and exceeded the costs expected due to the urgency of the mitigation and lack of control over the budget spent.

Lack of synergy in managing incidents: There was no single tracking source where all security challenges were reported, studied, and addressed; this kept the vulnerabilities untreated.

How Risk-IO helped

Questionnaire-based risk assessment for productivity

Risk-IO provided an assessment framework that could be tailored based on a questionnaire and supported with pictures from the ground. The company simultaneously introduced the questionnaire to all the mining fields.

This enabled a standardised assessment of physical security and several weaknesses were identified, such as the lack of perimeter surveillance, reliance on out-of-date systems for access control and inadequate training for security personnel.

The internal communications module for increased organisation and time-saving

Consolidating multiple channels into one interface suited for instant messaging and updates reduced response times by 40%. This enabled the efficient reporting and resolution of critical issues for incident response and control of the implementation of mitigations (including the process of approvals), increasing team efficiency.

Centralised mitigation planning with a GANNT scheme

The security managers using the RISK-IO app could prioritise the risks, easily identify the mitigation measures and monitor their implementation using a GANNT scheme.

Measures, including upgrading the perimeter cameras and installing additional top reinforcement on the fence, were done in a timely and organised way while being constantly monitored.

Tasks were completed in 50 - 70% less time than when no risk management app was used.

Budget tracking and cost optimisation

The budget control part, provided by one of the modules of Risk-IO, monitors and tracks the movement of budget allocation onto security expenses. Budgets were monitored to avoid unnecessary costs, comparing the proposals from different providers and recommending the most business-friendly variant, diverting the funds to more productive proposals and eliminating human factor impact.

Within a year, the company could cut down 20% of its expenses on security costs, such as consultancy fees, and the management system became more efficient.

Incident management and analysis

The incident module of Risk-IO enables unified reporting of incidents across various fields. This application maintains comprehensive records of incidents, offering detailed information on theft history. Through this data, it is possible to identify vulnerable areas, common times of day when perpetrators attempt to enter, and patterns of criminal behaviour.

Results

Some of the benefits the mining company experienced include:

• Time and cost savings.

• Enhanced security.

• Reduced incidents.

• Improved compliance.

• Process transparency.

• Human factor mistakes elimination.

Risk-IO’s reporting dashboards made it easier for senior management to make decisions by ensuring real-time monitoring of progress with respect to time and budgets, as well as forward and backwards trends on incidents.

For more information, contact Roberto Vitale at [email protected]

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