Implementing ERM-2: The link with risk management

A systematic, integrated approach to risk identification and assessment from a portfolio perspective enables companies to implement transparent enterprise risk management (ERM) systems tailored to the oil and gas industry. Such an approach has been described by Wood.1 2 As described in the first part of this two-part series, ERM has become crucial to compliance with corporate-governance requirements of the Sarbanes-Oxley Act (OGJ, Mar. 21, 2005, p. 18).Diversification alone is not a sufficient risk-management strategy for exploration and production asset portfolios. It is essential to perform risk analysis at the asset and portfolio levels. The analysis should be holistic, taking into acc...

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