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Enterprise Risk Management

Managing Risk

Oil & energy companies face risks ranging from volatile commodity prices, which are less linked to basic supply and demand but more to global socioeconomic factors, to increased health, safety, and environmental pressures resulting from past and recent major accidents negatively impacting the environment, industry image, and its social lease. However, risks related to asset damage, business interruption, pollution, injuries to people, and damage to properties are intrinsic in normal activities. Then there are the additional risks of non-compliance.

Although there is a lot of evidence that suggests that risk control failure has been a cause of concern for the energy industry, companies continue to take unintended or unexpected risks by following patterns of behavior. Risk management should be embedded within the culture of the organization so that everyone is focused on managing and optimizing risk. Particularly now, with such strict regulations to comply with, corporates and financial institutions need to demonstrate better discipline, control and responsibility.

iED Enterprise Risk Management Solutions:

iED helps you with:

  • Custom risk taxonomy linked to your business processes
  • Dynamic risk register
  • Risk network mapping to identify common causal factors
  • Probabilistic simulation to learn from the past
  • Quantification and indices development
  • Development of analytical engines for effective mitigation
  • Role based and drill down dashboards
  • Custom Reporting


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  • Mitigate risk before it happens
  • Avoid black swans
  • Identify some of the uncontrollable risks, monitor them on day to day basis, and
  • Implement ERM as a decision support system.

Planning & Assessment

  • Risk identification across enterprise
  • Develop process wise risk registers
  • Develop risk assessment & risk scales
  • Heat maps & boundaries
  • Aggregation of top risks
  • Taxonomy development
  • ERM tool selection

Governance & Processes

  • Governance structure, roles & responsibilities
  • Enterprise risk policy
  • Risk taxonomy mapping
  • Risk prioritization, appetite & tolerance
  • Risk reporting processes & dashboards
  • Risk mitigation plan
  • ERM tool implementation

Analytics & Quantification

  • Risk network mapping
  • Probabilistic simulations, impact analysis
  • Develop analytics engine
  • Risk alerts & KPI management
  • Real time mitigation
  • Advance risk reporting process & dashboards
  • Training of users