Risk engineering across natural resources

Risk engineering turns data into actionable insights, helping natural resources companies make informed decisions to protect and grow their business.

Backed by data and industry experience, risk engineering uses sophisticated modelling to stress test your risk strategy under different scenarios, estimate loss values, identify opportunities to boost risk controls, and reduce the total cost of risk.

How risk engineering adds value for natural resources companies

• Take control of your risks - Risk engineering is helping forward-thinking companies better understand their risks so they can prioritize their spend on risk controls to limit losses
• Protect the bottom line - Identify the worst-case and most-likely loss scenarios and implement risk mitigation strategies to avoid losses, reduce the total cost of risk and protect your bottom line from financial shocks
• Build resilience - Make informed decisions, backed by data, to mitigate potential loss impacts and build operational resilience
• Differentiate your risks - Detailed risk studies and engineering provide a solid and tangible basis to update risk data for insurers, highlighting all positive operational risk management actions so insurers can have a clear view of your proactive approach to risk
• Demystify technology - Identify which elements of a project are known to insurance markets and which are prototypical to balance coverage and cost for new technologies

Risk engineering insights at your fingertips: Our digital dashboard

Staying ahead of the curve demands one-step-beyond analytics and benchmarking. It also means keeping up with risk recommendations, and having all your risk insights available at your fingertips will be critical.

Focus on what’s important - By cutting through data overload and pulling data from multiple sources into one place

Identify and prioritize risk improvements, fast - To address loss estimates, insured values and risk assessment scores

Track key performance indicators - Through evidence and trend analysis to ensure risk management approaches are focused and delivering value

Keep track of the competition - By viewing industry losses and benchmarking against sector peers

Three ways risk engineering can help you optimize your risk strategy

1. 01

   Avoid a loss

   • Use risk engineering surveys to pinpoint exposures
   • Model the most likely/frequent and highest-impact loss scenarios
   • Implement risk recommendations as preventative control measures
   • Mitigate events before they happen
   • More operational time means more profit
   • Harness modelling tools

2. 02

   Control insurance costs

   • Translate engineering survey results into actionable business insights to reduce total cost of risk
   • Present robust risk data to insurers
   • Right-size insurance cover and cost
   • Business continuity planning, supply chain management

3. 03

   Build resilience

   • Use data-driven insights to share the proactive risk management measures undertaken
   • Delineate new and known technologies, helping insurers understand that projects are not entirely prototypical
   • Benchmark against competitors and sector peers
   • Use real-time dashboard insights to make continuous improvements over time

Key risk engineering capabilities

Major project lifecycle risk review

A structured assessment process adjusts with the changes in project risks through its lifecycle from design to operation.

Design stage: Supports technology selection, capacity/scale up and design standards review.

Pre-operational stage: Focuses on the preparedness of a project to move into full operation and eventually transfer to an operational insurance policy

Construction stage: Assesses detailed engineering changes that have been made to the original design intent, erection and commissioning activities.

Operational risk review assessments

Multi-year risk engineering programs that can be developed to build operational resilience supporting short- and longer-term risk management objectives.  

Calibration of loss scenario quantification gives you clarity on the most likely and highest value loss estimates, informing risk transfer strategies.

Climate vulnerability assessments

Determine facility strengths and weaknesses from initial climate model outputs in both existing and augmented states.

Suggest facility adjustments to mitigate identified climate weaknesses.

Assessments of minor modifications through to major capex projects on their ESG credentials and potential carbon-emission mitigation protentional.

Engineering assessments fed back into climate models to enhance the model evaluations of potential stranded asset analysis and effectiveness of planned investments.

Insurance marketing surveys

Our property risk engineering team will create a factual, descriptive report to present your business operations to underwriters focusing on key strengths, positive features and protection systems whilst separately highlighting areas for improvement.

Contact a local risk engineer to put the cost of your existing and emerging risks under the spotlight.