Even the most unexpected risks can materialize - rare, extreme impacts, retrospective predictability. This has been evidenced through history, and the number of events that have impacted the globe. Within the precious metals industry, we can point to a range of risks that could materialize into a black swan event (e.g. natural disaster, organizational failure, regulatory burden, environmental calamity). Key message is that an enterprise and strategic focus on risk management is required to not only prevent risks from occurring, but also minimize their impacts as they occur. Certainly, risk and opportunities need to be balanced - as without risk, there is no reward! Let's make sure that companies understand the balance, and develop Enterprise Risk Management programs that are effectively integrated and aligned to risk appetite.
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