Think outside the mines
Written on the 5 June 2009
A SURVEY by global risk consulting firm Protiviti in the mining sector has discovered that just over half of respondents had established enterprise risk management frameworks.
It found that 58 per cent of respondents – primarily larger mining companies – had failed to implement risk strategies.
The study has sent a message to internal auditors in multi-national resource companies to extend their skills beyond their established areas of responsibility to present a consistent message to management and shareholders.
One quarter of the companies surveyed did not have a risk management framework at all, while just 42 per cent had internal audit functions integrated with the overall risk management framework.