Implementing ERM requires integrated approach

11/15/2004
Many oil and gas companies are revising their risk management procedures to establish company-wide approaches, termed enterprise risk management (ERM). However, the industry as a whole does not have a good record in managing risks and opportunities systematically. The current drive for ERM is being led by the financial services sector with a compliance mindset. To be effective in improving corporate performance, ERM should integrate the many facets of financial, operational, and strategic risk and opportunity management in addition to addressing internal control, reporting, and compliance issues. Click here to enlarge imageThe Committee of Sponsoring Organizations of the Treadway Commiss...
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