Fuelling the debate: Latest risk management trends in energy 2019
The energy sector is undergoing rapid change. Following several years of belt tightening and cost cutting, many oil and gas companies are looking to expand into new projects and territories, and into renewable energy sources, according to IRM’s energy survey 2019. The findings as a result of this survey was launched at the ERM conference in Kuwait on Tuesday 22nd January.
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About this publication
This publication has been an ambitious initiative which the IRM are pleased to be publishing. Initially, the idea was to put together a thought leadership piece looking at the the main focus in terms of risk for the Energy industry. Rather than have one or two people put together a document of this type however, we decided to let the industry speak. A survey was initiated to gain feedback from energy companies globally from various sectors (Oil and gas, Wind, Solar). This allowed us to focus our attention on not only the results but putting together a thought leadership piece that focused on the future. Articles in this publication covering topics such as Risk Appetite, Reputation, Risk Visualisation and Project Portfolio management alongside all the other articles have been chosen thanks to the output of the survey which indicated areas that need improvement.
Alongside the work we were undertaking on the publication, the IRM have also been working on developing the Energy Special Interest Group (SIG). The feedback and membership requests were so strong that the IRM decided that there was no better way to launch the SIG than to include SIG & IRM members to contribute to the Publication, which itself was growing as a result of the interest. This sets the scene and vision of the SIG going forward. Members will contribute and add value to the future direction of risk management by providing articles for IRM’s Risk Magazine, stand alone thought leadership publications developed through the Energy SIG as well as a regular Annual or Bi-annual Energy report that will seek to build on the survey developed for this report and try to establish a more structured approach to measuring the risk maturity of the industry. It could even lead to future benchmarking opportunities for organisations wishing to measure against the industry.
This publication would not have been possible without the support of the contributors and survey respondees.
Methodology
There were three stages to the publication.
1. Survey
The survey was made up of 46 number of questions which included sections looking back at the prior years, looking forward at the years ahead and looking at current risk management capabilities and strengths as well as risk management focus areas going forward. The survey looked at the Risk Management Framework, Process and Culture. The survey also allowed for free form answers ensuring that participants all had the chance to provide details of the topics that concerned them the most.
2. Contributions
The contributions were decided based on the topics highlighted during the survey. We identified members of the Energy SIG or IRM members and who have years of practical experience in the field of risk who could add real value to the publication and for those readers looking to take risk to the next level. going forward we plan to have more Energy SIG contributions to expand on the Energy publication findings.
Live webinar: Fuelling the Debate: Panel Session by IRM Global Energy Experts
Join the IRM and our panel of speakers including:
- Alex Larsen CFIRM, President Baldwin Global and IRM Trainer
- Rahat Latif CMIRM, Head of ERM & BCM at Qatargas - Non Executive Director (Board Member) at Institute of Risk Management
- DNV Global representative
- Samuel Kibaarra CFIRM, Kenya Power (tbc)
- Domenic Antonucci CMIRM, Risk and Technical Training Adviser, UAE
Register your interest by contacting marketing@theirm.org
(please note: you will need to login or register on our webinar platform, BrightTalk to access the webinar)
Training: Risk Management for Oil and Gas
The course covers the fundamental aspects of enterprise risk management but specifically tailored for the oil and gas sector.You will learn about the theory and practise of risk management at an enterprise and project level, focusing on oil and gas case studies such as; oil price, working in politically unstable environments, managing projects portfolios and supply chain.