Risk management practices discussed at QP forum
November 03 2013 02:47 AM
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   Participants at the first ERM Forum at The Ritz-Carlton Doha.  Issa Shahin al-Ghanim speaking at
Participants at the first ERM Forum at The Ritz-Carlton Doha. Issa Shahin al-Ghanim speaking at the forum.

 

Qatar Petroleum held the first QP Enterprise Risk Management (ERM) Forum to discuss common risk management practices, their practical applications as well as the lessons learned and the challenges faced in implementing a corporate-wide ERM

programme.

The forum in Doha was attended by more than 100 ERM focal points representing QP’s various directorates and departments from all its operational areas. The event was a follow-up to the completion of QP’s first Corporate Enterprise Risk Management Report (CERMR), which was published in August.

In his opening address, Issa Shahin al-Ghanim, director (strategic planning and policy directorate), QP, stressed that risk management was something that the corporation had been engaged for a long time.

He said that the current ERM programme primarily provides a structured framework to facilitate a proactive and systematic management of risks on a consistent basis.

Al-Ghanim pointed out that QP’s ERM programme was under the directives of HE the Minister of Energy and Industry Dr Mohamed bin Saleh al-Sada and that it was based on ISO 31000:2009, the international standard that provides the principles and guidelines on risk
management.

The one-day forum featured speakers from within QP as well as risk management experts from outside the corporation. Among these experts were Khaleda Ahmed Bander, ERM Team leader, Kuwait National Petroleum Company, and Rahat Latif, head, Enterprise Risk Management at Qatargas.

The first QP ERM Forum provided all the participants with the opportunity to stimulate their thoughts about risk management and further widen their knowledge on what enterprise risk management is all about as well as to share experiences of major energy companies in the field.

The event also enabled QP’s ERM focal points to review the year’s performance on risk management and set the tone and way forward in continually building on risk management practices to effectively achieve continuous risk reduction in QP’s
day-to-day operations.

 

 

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