Time-related factors; and
•
• Biases, assumptions, and beliefs of those involved.
7.3. Risk Analysis and Evaluation
The purpose of risk analysis is to comprehend the nature of risk and its characteristics, including, where
appropriate, the level of risk. Risk analysis can be undertaken with varying degrees of detail and
complexity, depending on the purpose of the analysis, the availability and reliability of information and
the resources available. Risk analysis techniques can be qualitative, quantitative or a combination of
these and should include:
The likelihood of events and consequences;
•
The nature and magnitude of consequences;
•
Complexity and connectivity;
•
Time-related factors and volatility;
•
The effectiveness of existing controls; and
•
Sensitivity and confidence levels.
•
Identified risks were classified in accordance with Heritage Mineral’s risk classification schema which
is described below. The risk assessment schema used is comparable to those used widely within the
mining industry and comprises the following components:
Likelihood classification descriptors (Table 57); and
•
Consequence classification descriptors (Table 58).
•
Following a determination of likelihood and consequence, the risk level was determined using the matrix
shown in Table 59. For any risks classified as ‘significant’ or above, mitigation and management
measures were identified and documented, including reporting and monitoring requirements where
relevant. Mitigation and management measures were also documented for some lower-level risks.
Table 57. Likelihood of Exposure of Hazard
Probability
Level of risk probability
Frequency
>80%
1 – Almost certain
Is expected to occur
33% - 80%
2 – Likely
Will probably occur in most
5% - 33%
3 – Possible
Should occur at some time
1% - 5%
4 – Unlikely
Could occur at some time
<1%
5 – Rare
May occur only once in 5 years
198
Wulguru Technical Services Pty Ltd – Supporting Information to Amend an Environmental Authority
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