SPE Workshop Risk Management in a Changing Oil and Gas Industry
May 12 - 13, 2015 - Dubai TX USSociety of Petroleum Engineers
spedal@spe.org
Phone:+19729529393
Gaining visibility into and control over the multitude of internal and external risks is one of the top priorities of corporations today. With a recent jump in regulatory mandates and increasingly active shareholders, many organisations have become sensitive to identifying and eliminating areas of risk—including operational, IT, brand, and reputation areas—from their businesses. Indeed, identifying risks no longer becomes the sole responsibility of specialists—executives demand greater transparency in mapping the risk exposure of the organisation so that they can effectively manage risk and plan long-term strategies. Running a business is about managing their related risks. A comprehensive, consistent framework, particularly in asset-intensive industries, is essential for success. In addition, a supply risk management programme is the perfect complement to sustain daily operations and mitigate losses in case of unexpected disruptions. If looked at broadly, operational risks can be segmented into people, process, product, and asset risks. These are highly inter-related, which makes it very important for executives to establish a strategy that crosses functional boundaries and effectively addresses all key areas of operational risks. While all of the risks shown can have adverse effects on an organisation, a critical asset going down can be the most detrimental. A failing asset will not only result in unscheduled downtime and lost production, but with a certain chain of events, could also lead to most of the other risks. This workshop will explore how the best-in-class in the oil and gas industry’s organisations are implementing an integrated and flexible risk management framework to successfully document and assess risks, define controls, manage audits, identify issues, and implement recommendations and remediation plans. In addition, we will discuss and review best practices and how risk management should be approached pro-actively across the enterprise.