Risk Management Policy
This policy describes how Impossible Metals embeds effective risk management practices into all aspects of its operations.
Risk Management Principles
Impossible Metals is committed to minimizing risk for employees and contractors, as well as the communities and environments in which we operate. We consider that risk management:
- Is integral to all organizational processes;
- Is a part of transparent decision-making;
- Explicitly addresses uncertainty;
- Is tailored to our individual context and risk profile;
- Takes human and cultural factors into account;
- Considers risk to the environment, communities, employees and contractors as our highest priorities, balanced by a consideration of business, engineering and economic risks;
- Is dynamic and responsive to change; and
- Facilitates continuous improvement.
Integration of Risk Management
Risk management forms part of all strategic, operational and line management responsibilities, and is integrated into all aspects of Impossible Metals’s operations. Management of risk at Impossible Metals is measured by:
- Implementation of the Risk Management Procedure;
- Timely identification and documentation of risks in the Impossible Metals Risk Register;
- Treatment of risks in a manner appropriate to the likelihood and consequence of identified risks;
- Implementation of Safe Operating Procedures for tasks that carry an increased level of risk;
- Integration of lessons learned from hazards and incidents into the risk register in order to ensure the dynamic and effective management of risk on an ongoing basis; and
- Promotion of a culture in which risks are identified and treated in a practical yet comprehensive manner, and the identification of new risks and hazards is encouraged.
Risk Oversight & Communication
The Impossible Metals risk register is reviewed on an annual basis as part of the Strategic and Operational Planning process, and may also be periodically reviewed in response to incidents, near misses or hazards. It is the responsibility of the Chief Executive Officer to implement risk management at Impossible Metals.
Guidance on risk management and hazard identification is provided as part of the Impossible Metals induction to all employees, contractors and directors. Where relevant, additional specific training in risk management may be required for some positions.
A summary of all major and extreme risks is provided to the Impossible Metals Board, including details of controls and management strategies relevant to those risks, on a quarterly basis. The Impossible Metals Board has ultimate accountability for the implementation of Risk Management at Impossible Metals.
Changes to this Policy
This policy is reviewed under Impossible Metals’s mandatory annual policy review schedule and is next due for formal review in December 2023.