scholarly journals Risk Management Application in an Oil and Gas Company for Projects

2021 ◽  
pp. 1-30
Author(s):  
Fatema Abdulla AlNoaimi ◽  
Thomas A. Mazzuchi
Keyword(s):  
Risk Management ◽  
Oil And Gas ◽  
Descriptive Analysis ◽  
Management Strategies ◽  
Health And Safety ◽  
Structured Interview ◽  
Research Report ◽  
Continuous Variables ◽  
Management Tools ◽  
Survey Question

Oil and gas projects are at high risk and the reasons can be the adoption of complex technology, participation of different parties, etc. Oil and gas industries are often vulnerable to risks and hazards, but they overcome these problems by following tools and techniques of risk management, which results in employee and organizations safety. Based on the facts, this research report aims to evaluate and identify the risk management strategies and procedures and assess the efficiency of risk management tools in the Oil and Gas Company in the Kingdom of Bahrain. The survey was conducted among two groups using quantitative as well as qualitative methods.  One hundred twenty-four participants comprising of Engineers, Superintendents, Fire and Safety Officers, HR Managers, Health and Safety Environment Officers were among the respondents of the Survey Questionnaire. For the semi-structured interview, managers from supply and marine, Operation Specialist, Acting Manager of Health, Safety and Environment (HSE), Managers of Operational Plant Department were selected. The data collected through the survey question was analyzed using statistical analysis. The data collected through the survey questions were later imported to IBM SPSS (Statistical Package for Social Science) version 23.0 and performed descriptive analysis to explain the participants’ characteristics, discrete variables expressed as frequencies and percentages and continuous variables expressed as mean and SD. The reliability of the instrument was assessed using Cronbach’s alpha. This research indicated that around 56 % of the engineers and majority of the participating managers agree and strongly agree that the company has the Oil and Gas Company in the Kingdom of Bahrain have has implemented several safety precautions, training, and appropriate risk management tools to ensure the safety of the employees and work to eliminate any risk which could be hazardous to life and property. 

Healthcare safety monitoring strategy: a qualitative study.

2021 ◽  
Vol 1 (1) ◽  
Author(s):  
Tânia Correia ◽  
Maria Manuela Martins ◽  
Elaine Cristina Novatzki Forte
Keyword(s):  
Risk Management ◽  
Nurse Managers ◽  
Safety Management ◽  
Health Management ◽  
Management Strategies ◽  
Health And Safety ◽  
Structured Interview ◽  
Added Value ◽  
Patient Centered ◽  
Evaluation And Monitoring

Introduction: The safety of patients and professionals is one of the most important foundations of the classic model of health management and must be considered as a factor for evaluating the activity of health organizations. These organizations must implement integrated and systematic risk management strategies involving their professionals in the identification, analysis, evaluation and monitoring of the risks inherent to the provision of health care. In this way, monitoring plays a major role in risk management. Objectives: This study aims to understand the strategies that nurse managers use to monitor the safety of patients and professionals in health services. De Alirio Martinho Belchior para Todos: 10:35 AM Methods: Qualitative interpretative study using a semi-structured interview with 14 nurse managers of a hospital in the central region of Portugal and convenience sampling. Content analysis performed using Bardin's methodology and Atlas.ti software. Results: Similar outcome noted from nurse managers whereby four categories were identified: scales, indicators, patient satisfaction and audits. Conclusions: Overall, the participant identified that the monitoring of safety in the service are more patient-centered rather than healthcare professionals. The nurse managers were very vague in regard to mentioning the scales used within the service, and a little explored the added value they represent for health and safety management of professionals in the service and all focused-on patient safety

scholarly journals Conceptualizing Corporate Sustainability Reporting and Risk Management Towards Green Growth in the Malaysian Oil and Gas Industry

2021 ◽  
Vol 124 ◽  
pp. 04001
Author(s):  
Fong-Woon Lai ◽  
Muhammad Kashif Shad ◽  
Syed Quaid Ali Shah
Keyword(s):  
Risk Management ◽  
Conceptual Framework ◽  
Oil And Gas ◽  
Social Issues ◽  
Corporate Sustainability ◽  
Health And Safety ◽  
Sustainability Reporting ◽  
Oil And Gas Industry ◽  
Green Growth ◽  
Corporate Sustainability Performance

Recently, there have been many reports of catastrophic accidents in the oil and gas (O&G) industry which led to huge financial losses and hazards to humans and the environment. Apart from the primary operational (technical) risks, there exist numerous non-technical risk factors such as workforce protection, climate change, ecosystem, biodiversity, health and safety, governing compliance, and other environmental, and social issues. These risks if left without intervention could affect the green growth and eco-friendly resilience of the O&G companies. Thus, this work offers a conceptual framework on how corporate sustainability practices along with risk management implementation are stimulating green growth in the O&G industry. The presented theoretical and conceptual framework underpinned by the stakeholder theory proposed in this paper provides a foundation for empirical validation of the intertwined relationship between the pertinent variables. The measurement of the variables such as corporate sustainability performance, enterprise risk management and green growth is proposed to be drawn from earlier research and developed frameworks and guidelines by prominent organizations. The significance of this paper is to lend guidance to Malaysian oil and gas players to embrace green growth through sustainability and risk management implementation.

scholarly journals Risk Management Strategies to Reduce Net Income Variability for Farmers

1985 ◽  
Vol 17 (1) ◽  
pp. 117-130 ◽  
Author(s):  
Hamid Falatoonzadeh ◽  
J. Richard Conner ◽  
Rulon D. Pope
Keyword(s):  
Risk Management ◽  
Crop Production ◽  
Management Strategies ◽  
Farm Income ◽  
Net Income ◽  
Combination Strategy ◽  
Management Tools ◽  
Risk Management Strategies ◽  
Price Risks ◽  
The Many

AbstractThe most useful and practical strategy available for reducing variability of net farm income is ascertained. Of the many risk management tools presently available, five of the most commonly used are simultaneously incorporated in an empirically tested model. Quadratic programming provides the basis for decisionmaking in risk management wherein expected utility is assumed to be a function of the mean and variance of net income. Results demonstrate that farmers can reduce production and price risks when a combination strategy including a diversified crop production plan and participation in the futures market and the Federal Crop Insurance Program (FCIP) is implemented.

scholarly journals Assessing and managing the risks of COVID-19 in the workplace: Applying industrial hygiene (IH)/occupational and environmental health and safety (OEHS) frameworks

2020 ◽  
Vol 36 (9) ◽  
pp. 607-618
Author(s):  
Rachel E Zisook ◽  
Andrew Monnot ◽  
Justine Parker ◽  
Shannon Gaffney ◽  
Scott Dotson ◽  
...  
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Environmental Health ◽  
Industrial Hygiene ◽  
Health And Safety ◽  
Disease Outbreaks ◽  
Quantitative Microbial Risk Assessment ◽  
Environmental Health And Safety ◽  
Management Tools ◽  
Occupational Infection

As businesses attempt to reopen to varying degrees amid the current coronavirus disease (COVID-19) pandemic, industrial hygiene (IH) and occupational and environmental health and safety (OEHS) professionals have been challenged with assessing and managing the risks of COVID-19 in the workplace. In general, the available IH/OEHS tools were designed to control hazards originating in the workplace; however, attempts to tailor them specifically to the control of infectious disease outbreaks have been limited. This analysis evaluated the IH decision-making framework (Anticipate, Recognize, Evaluate, Control, and Confirm (“ARECC”)) as it relates to biological hazards, in general, and to severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), specifically. Available IH/OEHS risk assessment and risk management tools (e.g. control banding and the hierarchy of controls) are important components of the ARECC framework. These conceptual models, however, were primarily developed for controlling chemical hazards and must be adapted to the unique characteristics of highly infectious and virulent pathogens, such as SARS-CoV-2. This assessment provides an overview of the key considerations for developing occupational infection control plans, selecting the best available controls, and applying other emerging tools (e.g. quantitative microbial risk assessment), with the ultimate goal of facilitating risk management decisions during the current global pandemic.

scholarly journals Risk Management in Oil and Gas (EPC) Industry

2021 ◽  
Vol 9 (9) ◽  
pp. 1255-1264
Author(s):  
Prashant Pralhad Kadam
Keyword(s):  
Risk Factors ◽  
Risk Management ◽  
Oil And Gas ◽  
Safety Management ◽  
Management Strategies ◽  
Oil And Gas Industry ◽  
Construction Costs ◽  
Defective Items ◽  
Gas Industry ◽  
Risk Management Strategies

Abstract: The five most important risk factors identified in the design phase are 1] scope uncertainty, 2] failed management and planning, 3] changes in errors and omissions, 4] inadequate projectS team structure, 5] inadequate quality requirements. The top five risk factors determined by the procurement category are 1] Inadequate online resources and equipment, 2] Distribution of suppliers, 3] Uncertainty in design and style, codes, requirements and standards, 4] Defective items, and 5] Compromise. The 5 most important risk factors identified in the construction phase are 1] weak project capability, 2] excessive construction costs, 3] major construction delays, 4] strong project plan, and 5] poor safety management .This was initiated by the link between risk factors and the effects on price, quality and timing, as well as the potential for expensive, common, and high-quality outcomes. Keywords: Disaster risk management, risk management strategies, project risk management, oil and gas industry.

scholarly journals Generalization of scientific and institutional prerequisites for risk management of technological integration

2021 ◽  
Vol 6 (2) ◽  
pp. 130-138
Author(s):  
A. E. Miller ◽  
◽  
L. M. Davidenko ◽  
Keyword(s):  
Risk Management ◽  
Oil And Gas ◽  
New Technologies ◽  
Environmental Safety ◽  
Financial Economic ◽  
Management Control ◽  
Pure Hydrogen ◽  
Management Tools ◽  
Positive Vector ◽  
Technological Integration

The paper considers the key aspects of risk management in relation to the technological integration of economic entities. It is emphasized that the deepening of the technological chain includes the integration of resources of related production facilities and is undergoing changes in the context of accelerated digitalization, environmental transformation of the world economy. In this regard, the risk management system, which includes strategic mapping, systematization and risk assessment, as well as management control over financial, economic, scientific and technological types of risk, is of great importance. The authors highlight the trends of technological transformation of the global energy complex, which determine the promising directions of technological integration of the oil and gas sector for the development of carbon-neutral energy. As a positive vector, the development and implementation of innovations that improve environmental safety, as well as new technologies for the production of pure hydrogen from natural gas and recycling processes are shown. The conducted research allowed us to identify the scientific and institutional prerequisites for managing the risks of technological integration and to link them with risk management tools

scholarly journals Revisiting of an Islamic Options Permisibility from Shariah Perspectives

2015 ◽  
Vol 1 (3) ◽  
pp. 175
Author(s):  
Ahmad Khaliq ◽  
Hassanudin Mohd Thas Thaker
Keyword(s):  
Risk Management ◽  
Management Strategies ◽  
Islamic Finance ◽  
Individual Investors ◽  
Management Tools ◽  
Average Growth ◽  
Derivative Instruments ◽  
Finance Development ◽  
Risk Management Strategies ◽  
Managing Risk

The popularity of derivative instruments especially in managing uncertainty (risk)had become popular after several financial crises that occurred since the Great EconomicDepression. There are various tools have been developed in managing risk such as the Options,Forwards, Futures and Swaps. In addition, these kinds of tools are commonly used by institutional and individual investors. Given this popularity, conventional risk management strategies is completely against from Islamic risk management as Islamic financial market arekeep on growing drastically at Cumulative Average Growth Rate (CAGR) of 15% on yearlybasis (Mckinsey, 2005). This is clearly shows that, Islamic finance development are in line withconventional financial development. Therefore, there is need to maintain consistency in productstructures offered by these two financial markets. The complexity is mainly contributed by thestructures and the design of the products especially on Islamic derivatives tools. Therefore, to get a significant picture of the Islamic risk management tools, this paper will only examines thecontemporary derivative instruments namely; Option and the Islamic viewpoints of thisinstrument . As we know, Islamic finance is governed by Shariah principle and guidelines whichprohibit Riba, Gharar, and Masir etc. Therefore, this paper attempts to explore the validity ofoptions from Islamic and Shariah perspectives by reviewing Islamic scholars opinions on anoptions market.

Sustaining social licence—the application of social impact assessment across the operational lifecycle

2014 ◽  
Vol 54 (1) ◽  
pp. 187
Author(s):  
Sheridan Coakes ◽  
Karen Lamb
Keyword(s):  
Social Impact ◽  
Performance Monitoring ◽  
Oil And Gas ◽  
Management Strategies ◽  
Health And Safety ◽  
Assessment Process ◽  
Business Planning ◽  
Investment Planning ◽  
Environmental Health And Safety

Most Australian resource companies, including those in the oil and gas sector, recognise that effective community engagement enhances their corporate reputation and underpins their social licence to operate. Industry-leading companies also understand the importance of assessing and managing the socio-economic impacts of their projects and operations with the same rigour as environmental, health and safety impacts. Some companies, however, fail to see the value of applying outcomes of robust socio-economic impact assessments (SEIA) to long-term business planning and performance monitoring; instead they use the approach as a one-off assessment process. This paper discusses the value of applying SEIA to inform business planning in a company’s social and environmental functions. The methods and techniques that are presented may assist companies in: developing an improved understanding of socially-related impacts, their significance and appropriate management strategies;documenting socio-economic contributions locally and regionally to illustrate higher order impacts and afford improved management of operational impacts;assessing community resilience, to inform, prioritise and structure community investment planning and capacity building;designing and structuring engagement to meet business objectives and reporting requirements;understanding communities, their engagement preferences, values, needs and opportunities to afford the development of more genuine relationships and partnerships; and,developing appropriate indicators to effectively monitor social impacts. Such outputs can assist in greater efficiencies, streamlining of assessment processes and improved relationships in the long-term. Where appropriate, this paper presents case studies to illustrate the application of such techniques and their value in meeting business, government and community needs and expectations.

Project Risk Management

2013 ◽  
Vol 2 (4) ◽  
pp. 79-101
Author(s):  
Jan Terje Karlsen ◽  
Odin Folke-Olsen ◽  
Tim Torvatn
Keyword(s):  
Risk Management ◽  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Project Risk Management ◽  
Management Performance ◽  
Management Tools ◽  
Project Risk ◽  
Gas Industry ◽  
Management Processes ◽  
Contribution Index

This study is about project risk management tools. The aim has been to identify which tools have the greatest potential for contribution to risk management processes in the Norwegian oil and gas industry, and which factors contribute to efficient risk management. Empirical data from the Norwegian industry have been gathered using a questionnaire. The results revealed strong relationships between project system complexity, average tool score and risk management contribution. Furthermore, the results of the analysis show that some of the previous recommendations of tools for project risk management may have been based on a restricted set of determinants. On the other hand, similarities are also found with previous research in terms of the highest ranked tools based on perceived contribution to the risk management performance. Compared to the previous findings, this study indicates that a new measure for project management performance is needed, and that the recommendation of tools based on the risk management contribution index may be flawed. Nevertheless, it is concluded that several of the recommended tools are of great value across industries.

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