Active Risk reports that Anagold, a majority owned company of Alacer Gold Corp, is using Active Risk Manager (ARM) to manage opportunity and risk across its major expansion project at the Çöpler gold mine in eastern Turkey. Anagold uses ARM through its agreement with strategic advisors and risk management consultants JukesTodd, to provide a holistic methodology to risk, identifying the opportunity as well as potential downsides. This functionality has enabled the Anagold team to take an upside view of risk and has, Active Risk says, “already delivered opportunities with financial benefits of several millions of dollars.”
John Ebbett, Project Director for Alacer Gold, explains; “There is an inherent level of risk in any mining project as many outside factors can impede success, however with effective strategies in place risk can be managed. With big gains there are often big risks, but ARM, with proactive support from JukesTodd, has given us the functionality to manage risk and the insight to quantify the opportunity. We have been using ARM for less than a year and the insight provided has already identified significant potential savings.”
Anagold identified that for risk management to be integral to the project it would need a solution that had limited barriers to use and could deliver an integrated and disciplined approach to risk management across all users, whether office based or remote workers. Anagold contracted JukesTodd for risk identification and management services, who recommended ARM with its Risk Express module for its ease of use and intuitive interface. ARM Risk Express requires limited to no training and can be accessed from a laptop, smart phone or tablet. Users can check their dashboard to see if they have any actions to complete and the Risk Managers are able to see updates in real-time.
Ebbet comments; “We wanted a solution that could deliver a consistent approach to risk management but had the flexibility to support the operational practices of the workforce. ARM stood out as a solution because it delivers a balanced view of risk highlighting the gains as well as the potential downsides. The opportunity management capabilities drew us to the solution, and overall ARM delivers a superior user experience. It has the flexibility we needed for the workforce and is excellent at keeping track of project risks, alerting owners of their actions and ensuring we are accountable for the delivery of effective risk mitigation strategies.”
The enhanced reporting functionality within ARM Risk Performance Manager (RPM), under the direction of the JukesTodd team, has enabled the project team to produce a single holistic report of the current project status. This one page summary is presented to the company’s Board of Directors and is used to communicate upside opportunities identified from the information stored within the solution. This has proved very popular with the Board, delivering a high level of business clarity.
Keith Ricketts, VP of Marketing at Sword Active Risk stated; “For risk management to be effective it has to be embedded within the culture of the organization. Anagold recognized that for employees to embrace risk management methodologies, the tools need to support their everyday working practices. ARM Risk Express is the most intuitive interface we’ve ever developed and runs on any browser, allowing access from mobile devices, laptops or desktops. It enables users to actively participate on an efficient single risk management framework and share a common view and assessment of what opportunity and risk means to the business.”
The primary focus for Alacer Gold Corp is to leverage its cornerstone Çöpler Mine and strong balance sheet to maximize portfolio value, maximize free cash flow, minimize project risk and, therefore, create maximum value for shareholders.
JukesTodd is a strategic business advisor providing a range of professional services to improve outcomes for asset owners and operators.
Sword Active Risk makes risk management simple, valuable and personal. Sword Active Risk provides the world’s first risk management software that drives business performance by enhancing visibility, accountability and confidence at project, program and enterprise levels. Active Risk Manager (ARM) is the first solution available which integrates Risk Management, Cost Management and Schedule Management to show the real impact of risk, to enable better-informed decisions, and the ability to leverage risk to create