Internal risk – Conflict between parties to Joint Venture
Arbitration as mentioned in the joint venture agreement
Parties try to work out conflict on their own, saving time as goes into arbitration (if possible) OR sit tight and do not act upon the conflict, until an award is awarded through arbitration.
Conflict is of a nature that is critical to the working of the project.
Internal Physical Risk- Failure of Machine(s)
Keep it insured to meet with any future risk.
Call for machinery mechanics
The problem remains unfixed for 2hrs.
Building risk- Fire or Explosion
Install fire alarms and smoke detectors.Ensure that all employees know the exact address of the building in case of emergency, to give it to the 911 operator.Install a Sprinkler System to provide additional protection.
Ensure all employees know the exact presence of all exits and endeavor shall be made to escape all the personnel out of the building safely until the help arrives.
No loss to human resources.
The human resource management team as well as security staff.
Arrange workshops and training programs.
Keeping them safe. Productive and engaged.
Risk of site exposure
The human resource management team
Make sure to have a separate budget allocated to the marketing team to maintain good relations with the local community in the nearby area where mine is located.
Endeavor to calm the local community and maintain good relations on day-to-day basis work.
The proposed location of the mine and related facilities encompasses areas that are regarded as sacred by the indigenous population
Marketing and HR Teams
Political risk including new regulations
Creation of a plan which shall be adaptable to today’s dynamic business environment.
Provide training to employees to make adaptability to changes easy.
External business environment/ change in local government or its policies.