Are Enterprise Risk Management Frameworks Effective for Prioritizing Sustainability Risks in the Oil and Gas Sector?

2014 ◽  
Author(s):  
Todd Cort ◽  
Sarah Gudernatch
Keyword(s):  
Risk Management ◽  
Oil And Gas ◽  
Enterprise Risk Management ◽  
Enterprise Risk ◽  
Oil And Gas Sector

scholarly journals Implementation of Enterprise Risk Management (ERM) Framework in Enhancing Business Performances in Oil and Gas Sector

Economies ◽  
2018 ◽  
Vol 6 (1) ◽  
pp. 4 ◽  
Author(s):  
Sanmugam Annamalah ◽  
Murali Raman ◽  
Govindan Marthandan ◽  
Aravindan Logeswaran
Keyword(s):  
Risk Management ◽  
Oil And Gas ◽  
Enterprise Risk Management ◽  
Enterprise Risk ◽  
Oil And Gas Sector

scholarly journals ORGANIZATION OF RISK-MANAGEMENT IN EQUINOR ASA

2021 ◽  
Vol 2 (7(71)) ◽  
pp. 56-60
Author(s):  
O. Degtyareva
Keyword(s):  
Risk Management ◽  
Oil And Gas ◽  
Price Volatility ◽  
Enterprise Risk Management ◽  
High Price ◽  
Special Importance ◽  
Analysis And Evaluation ◽  
Enterprise Risk ◽  
Risk Appetite ◽  
Oil And Gas Companies

The article reveals modern approaches to enterprise risk management based on the introduction of ERM (enterprise risk management) system, aimed at the integration of all types of risks in the company's strategy and the transition from protection from negative situations to the concept of risk appetite. The special importance of risk management for oil and gas companies in the conditions of global instability and high price volatility is emphasized. The author analyzes the experience of the Norwegian oil and gas company Equinor in the development and implementation of ERM, changes in the organization of risk management and methods of analysis and evaluation.

scholarly journals Enterprise Risk Management Implementation and Firm Performance: Evidence from the Malaysian Oil and Gas Industry

2019 ◽  
Vol 14 (9) ◽  
pp. 47
Author(s):  
Muhammad Kashif Shad ◽  
Fong-Woon Lai
Keyword(s):  
Risk Management ◽  
Firm Performance ◽  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Study Data ◽  
Enterprise Risk Management ◽  
Return On Assets ◽  
Gas Industry ◽  
Firm Financial Performance ◽  
Enterprise Risk

This paper intends to vindicate the influence of Enterprise Risk Management (ERM) implementation on firm performance. A sample of 11 oil and gas Public Listed Companies (PLC’s) were selected in this study. Data were collected using content analysis with regard to the companies’ ERM practices and their financial performances. ERM implementation was measured using COSO’s ERM integrated framework while the firm financial performance was assessed through return on assets (ROA) measurement. Multiple regression analysis was performed to test eight developed hypotheses. Results indicate that four components of the ERM framework, i.e. supportive internal environment, objective setting, control and monitoring activities, are found to be positive and significant predictors for the firm’s performance. The findings support the efficacy and potential strengths of ERM implementation in the oil and gas companies.

scholarly journals Enterprise Risk Management In The Oil And Gas Industry: An Analysis Of Selected Fortune 500 Oil And Gas Companies’ Reaction In 2009 And 2010

2016 ◽  
Vol 9 (1) ◽  
pp. 23-30
Author(s):  
Violet C. Rogers ◽  
Jack R. Ethridge
Keyword(s):  
Risk Management ◽  
Management System ◽  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Fortune 500 ◽  
Enterprise Risk Management ◽  
Gas Industry ◽  
Risk Management System ◽  
Enterprise Risk ◽  
Oil And Gas Companies

In 2009, four of the top ten Fortune 500 companies were classified within the oil and gas industry.  Organizations of this size typically have an advanced Enterprise Risk Management system in place to mitigate risk and to achieve their corporations’ objectives.  The companies and the article utilize the Enterprise Risk Management Integrated Framework developed by the Committee of Sponsoring Organizations (COSO) as a guide to organize their risk management and reporting.  The authors used the framework to analyze reporting years 2009 and 2010 for Fortune 500 oil and gas companies.  After gathering and examining information from 2009 and 2010 annual reports, 10-K filings, and proxy statements, the article examines how the selected companies are implementing requirements identified in the previously mentioned publications. Each section examines the companies’ Enterprise Risk Management system, risk appetite, and any other notable information regarding risk management.  One observation was the existence or non-existence of a Chief Risk Officer or other Senior Level Manager in charge of risk management. Other observations included identified risks, such as changes in economic, regulatory, and political environments in the different countries where the corporations do business.  Still others identify risks, such as increases in certain costs that exceed natural inflation, volatility and instability of market conditions.  Fortune 500 oil and gas companies included in this analysis are ExxonMobil, Chevron, ConocoPhillips, Baker Hughes, Valero Energy, and Frontier Oil Corporation. An analysis revealed a sophisticated understanding and reporting of many types of risks, including those associated with increasing production capacity.  Specific risks identified by companies included start-up timing, operational outages, weather events, regulatory changes, geo-political and cyber security risks, among others.  Mitigation efforts included portfolio management and financial strength.  There is evidence that companies in later reports (2013) are more comprehensive in their risk management and reports as evidenced by their 10-K and Proxy Statements (Marathon Oil Corporation, 2013).

scholarly journals Enterprise Risk Management In The Oil And Gas Industry: An Analysis Of Selected Fortune 500 Oil And Gas Companies Reaction In 2009 And 2010

2013 ◽  
Vol 6 (6) ◽  
pp. 577-584 ◽  
Author(s):  
Violet C. Rogers ◽  
Jack R. Ethridge
Keyword(s):  
Risk Management ◽  
Management System ◽  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Fortune 500 ◽  
Enterprise Risk Management ◽  
Gas Industry ◽  
Risk Management System ◽  
Enterprise Risk ◽  
Oil And Gas Companies

In 2009, four of the top ten Fortune 500 companies were classified within the oil and gas industry. Organizations of this size typically have an advanced Enterprise Risk Management system in place to mitigate risk and to achieve their corporations objectives. The companies and the article utilize the Enterprise Risk Management Integrated Framework developed by the Committee of Sponsoring Organizations (COSO) as a guide to organize their risk management and reporting. The authors used the framework to analyze reporting years 2009 and 2010 for Fortune 500 oil and gas companies. After gathering and examining information from 2009 and 2010 annual reports, 10-K filings, and proxy statements, the article examines how the selected companies are implementing requirements identified in the previously mentioned publications.Each section examines the companies Enterprise Risk Management system, risk appetite, and any other notable information regarding risk management. One observation was the existence or non-existence of a Chief Risk Officer or other Senior Level Manager in charge of risk management. Other observations included identified risks, such as changes in economic, regulatory, and political environments in the different countries where the corporations do business. Still others identify risks, such as increases in certain costs that exceed natural inflation, volatility and instability of market conditions. Fortune 500 oil and gas companies included in this analysis are ExxonMobil, Chevron, ConocoPhillips, Baker Hughes, Valero Energy, and Frontier Oil Corporation.An analysis revealed a sophisticated understanding and reporting of many types of risks, including those associated with increasing production capacity. Specific risks identified by companies included start-up timing, operational outages, weather events, regulatory changes, geo-political and cyber security risks, among others. Mitigation efforts included portfolio management and financial strength. There is evidence that companies in later reports (2013) are more comprehensive in their risk management and reports as evidenced by their 10-K and Proxy Statements (Marathon Oil Corporation, 2013).

Effect of Enterprise Risk Management on Firm Value: Empirical Evidence from Non-Financial Firms in Pakistan

GIS Business ◽  
1970 ◽  
Vol 13 (2) ◽  
pp. 15-28
Author(s):  
Nouman Nasir
Keyword(s):  
Risk Management ◽  
Firm Value ◽  
Positive Impact ◽  
Stock Exchange ◽  
Enterprise Risk Management ◽  
Least Square ◽  
Return On Equity ◽  
Financial Firms ◽  
Enterprise Risk ◽  
Ordinary Least Square Regression

This research examines the effect of enterprise risk management on firm value in Pakistan. Further, this study empirically examines company characteristics that establish the execution of an enterprise risk management system. Using a sample of final dataset of 83 non-financial firms located in Pakistan. The sample included non-financial firms from the year 1999 to 2015 and so up to seventeen observation years per company. As in context of Pakistan, most of the organizations are already implement an ERM programs and establish specialized ERM departments because the ERM is now a global term and has become increasingly relevant because of the growing difficulty of risk and an additional development of regulatory frame works. For the empirical evidences, data collected from non-financial firms listed at the Pakistan Stock Exchange (PSX). Results of logistic regression shows that Capital Opacity, Profitability, Financial Leverage, Firm Size and Slack have positive impact on the implementation of an ERM system but Industrial diversification, Industry and Return on Equity are negatively related to an ERM engagement. The results of ordinary least square regression finds positive relationship between use of an ERM and firm value.

MODELLING AND CONTROLLING THE ENTERPRISE RISKS COMPLEX ASSESSMENT SYSTEMON THE BASIS OF RUSSIAN STATE STANDARD ISO 9001-2015 CONCERNING RISK-ORIENTED THINKING. GENERAL PROBLEMS AND WAYS OF SOLVING THEM

2020 ◽  
Vol 2020 (2) ◽  
pp. 33-41
Author(s):  
Irina Merzlyakova ◽  
Aleksandr Feofanov
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
State Standard ◽  
Control Model ◽  
Enterprise Risk Management ◽  
Iso 9001 ◽  
Management Procedure ◽  
Russian State Standard ◽  
Russian State ◽  
Enterprise Risk

The article considers general problems of implementing the enterprise risk management procedure. One of the ways to solve the problems arising when meeting Russian state standard ISO 9001-2015 requirements concerning risk-oriented thinking is presented. A risk assessment control model aimed at coordinating all kinds of the enterprise departments activities, forming a clear algorithm of risk management procedure implementation and attracting a greater number of employees towards this activity is offered.

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