Essays on Risk Levels in the Mining Industry in Australia Case Study

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The paper "Risk Levels in the Mining Industry in Australia" is a good example of a management case study. The mining  industry is a key sector in the Australian economy. However, the increasing number of injuries and incidents risks is a wakeup call to all stakeholders to undertake the necessary steps so as to deal with this issue. The mining industry is one of the key industries that is regarded as a primary sector that has a key contribution to the Australian economy. A risk analysis was undertaken on the coal, ore and mineral mining industry in Western Australia.

The report highlights the necessary performance for the industry, analyzes and evaluates the current level of risk, suggests the desired future level of risk and gives recommendations that would help achieve the desired performance. Purpose The purpose of this report is to give an account of the risk levels in the mining industry in Australia. Documented evidence shows that the mining industry remains one among the key industries in Australia. While this is that case, this has not been without some significant injuries and incident risk.

The purpose of this report is to analyse and evaluate these risks with the sole aim of giving recommendations on how the risks can be minimised or reduced. Background The mining industry is a global industry and Australian is one of those countries that heavily invest in it. This is because the returns from this industry are numerous. They include; jobs trade, investment and better living standards for the general population (ICCM, 2015). While this is the case there is no doubt that in the recent past the mining industry in Australia has continued to suffer from many unplanned injuries and accidents that have left devastating effects such as; damaged image, financial losses, loss of lives and closure of some mining companies.

This according to DIRD (2013) could be attributed to a lack of an efficient management strategy or simply but applying the available strategies in a piecemeal manner. Risk management, especially in a hazardous industry like this one, is not about simply enacting safety plans and procedures; but having a sustainable systematic risk management process that is followed to the latter (Dekker, 2014).

According to Cross (2012), the ideal risk management process in the mining industry requires that risks be managed at every stage of the mining process including; extraction, processing, manufacturing and even in the sale of the resultant products of which some could be harmful still. According to Safe Work Australia, the most common types of risks that combat the mining industry include; workplace health and safety, environmental risks, Natural environmental risks, community risks, regulatory risks, production risks and reputational risks. There exists considerable literature on risk management in the mining industry in Australia.

The ACARP (2015) reiterates that it is high time the mining industry made a compulsory rule to have risk management part of the programs and work plans. The argument is that risk management is actually directly determining the efficiency and effectiveness of an organisation in general. This, therefore, implies that the risk responsibility management should be linked to staff/ organisation performance and growth in general. The Australian government in conjunction with the Western Australian Department of Mines and Petroleum has come up with a framework for the treatment of risks in the mining industry.

The framework presents a process for risk management which includes the following steps; communicate and consult, establish the context within which the risk occurs, identify the sources of hazards, identify the risk, analyse, evaluate, treat and lastly monitor and review. This is presented as follows.

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