Beyond compliance
Operational risk for the energy sector covers everything from production to transportation. Companies are now seeking sophisticated solutions to integrate op risk into wider risk-management programmes, as Oliver Holtaway reports
In the energy industry, the trading floor is just the tip of the operational risk iceberg. In the financial industry 'operational risk' is often synonymous with 'compliance', but for energy companies – whose physical business has many moving parts – it has another dimension. Besides guarding against rogue traders and IT malfunctions, energy risk management needs also to account for issues such as burst pipelines, power plant outages and shipping accidents.
For a long time, firms' logistics
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