Risk is a central dimension to all management decisions. It is impossible to eliminate risk. It is our responsibility as managers to address risk in two main dimensions: (i) what are the right risks to take and (ii) how do we minimize these risks. PetroKnowledge has introduced this new course to present leading-edge thinking and best practice in risk management; to demonstrate the tools and techniques used in contemporary risk management; and to clarify how to use these in risk management.
At a time of greater uncertainty and market turbulence the science of risk management has developed rapidly and it has become a major new issue for management at all levels in an organisation. We start by focusing on traditional approaches to risk management such as increasingly sophisticated insurance mechanisms. However, these mechanisms are not always sufficient in terms of cost and impact. The central focus of “Risk Management, Control and Compliance” will look at the way in which risk assessment is increasingly built into the process of strategic planning, specifically in identifying the right risks to take and then minimizing those risks. All this is aimed at keeping complex operations under managerial control and ensuring that chosen approaches to risk management enable an organization to meet the increasingly demanding requirements of international legislation and standards of best practice.
The role of “risk engineering” – one of the most interesting developments in this field of management activity – is examined in depth. Risk engineering is concerned with the use of technology selection and systems design to support better diagnosis of potential risk and to anticipate rather than react to risk events.
The training course makes extensive use of case experience to illustrate tools and techniques and case studies to give delegates the opportunity of applying what they have learned in the class sessions. To find out more about PetroKnowledge, and enroll on one of our training programmes in risk management, control and compliance, contact us here.