Development of an Intelligent Risk Management Strategy

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The proposed research project includes a partnership between the Intelligent Control and Estimation (ICE) Laboratory (Dr. Gadsden) at the University of Guelph (UofG, Guelph, Ontario) and Minetell (Toronto, Ontario). The primary goal of the collaborative research partnership is to develop an intelligent risk management system that is accurate and reliable, and can be implemented in a variety of workplaces. The proposed system streamlines the management of high consequence risks and associated critical controls using artificial intelligence (AI) strategies and estimation methods. These critical controls are used to define the level of acceptable risk and allows for a business to predict risk as well as prioritize and manage challenging workplace environments. The majority of Minetell's clients are in the mining and gas industry, however the resulting system will be scalable to other industries. The ability to accurately estimate, predict, and mitigate risk in this industry has substantial economic impact to Canada. The potential outcomes and impacts include: 1) development of an intelligent risk management system; 2) development of new artificial intelligence (AI) strategies; 3) reduction of risk exposure in a globally competitive market; 4) knowledge transfer activities to other industries; and, 5) training of HQP in AI and data science.