The Importance of Risk Management in the Extractive Sector for a Sustainable Economy

Authored by: Samanthala Hettihewa

Sustainability in the Mineral and Energy Sectors

Print publication date:  September  2016
Online publication date:  September  2016

Print ISBN: 9781498733021
eBook ISBN: 9781315369853
Adobe ISBN:

10.1201/9781315369853-37

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Abstract

This study uses a qualitative descriptive analysis to demonstrate the importance of risk management in extractive enterprises, where overall sustainability is often profoundly dependent on cross-linked environmental, social, corporate and financial issues. Risk and sustainability have been well studied over the past few decades. However, there appear to be gaps in resolving the a priori and/or a posteriori drivers and outcomes of risk in the extractive industry (EI). Much of the research focus in EI sustainability has been on environmental factors in contrast; research in corporate sustainability has tended to focus on economic risk. In keeping with modern precepts of corporate social responsibility, this study considers four pillars of overall sustainability: (i) environmental, (ii) social, (iii) financial and (iv) economic.

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