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DRIVING ENTERPRISE RISK MANAGEMENT BEST PRACTICES FOR ENERGY FIRMS
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Modern economies are energy hungry
and demand continues to grow inexorably across the globe . This can create enormous opportunities for energy firms, but it also entails significant challenges . Energy organizations face a uniquely broad range of risks across their activities, including project, operational, market, regulatory, environmental, socio-political and reputational risks . Traditionally, many of these risks have been addressed in isolation and
with varying degrees of rigor, often leading
to underestimated or unexpected exposures that impact profitability, or even threaten the business .
The dynamic nature of the energy industry, plus the diversity and complexity of the companies that operate within it, calls for a more enterprise approach to risk that brings consistency across all areas of business . By proactively bringing
all exposures into a comprehensive framework, enterprise risk management (ERM) leads to more informed decision making, and protects short- and long-term profitability, while providing risk-adjusted assessment of emerging opportunities .
THOMSON REUTERS ACCELUS - Organizational Body
NONE
Management
English
1-9
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