Business News of Thu, 7 Jun 20180

Stakeholders discuss risk management in the oil and gas sector

The Institute of Risk Management Professionals Ghana (IRMPG) has held a day’s forum to discuss risk management in the oil, gas and energy sector and prescribe potential management plans.

The meeting, which gathered experts in the industry also showcased modern technology tools and management practices that, could be used to address challenges as the industry continues to grow.

Dr Kofi Koduah Sarpong, Chief Executive Officer of Ghana National Petroleum Commission (GNPC), speaking at the opening, underscored the importance of risk management adding that failure by many companies especially those in the oil and gas sector to manage risk could have dire consequences.

“As a result, we manage risk on daily basis with proper risk management plans. We need to protect assets of a business, ensure certainty of our cash flows and absorb shocks that is why risk management is important,” he remarked.

He said risk management was a crucial area that needed a comprehensive and stringent mode of training and accreditation of members before allowing the practice.

The GNPC Boss called on IRMPG to ensure that the various teaching models were blended with both world-class and local content to ground prospective practitioners ‘well baked’ for the market.

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He said the inclusion of local content and other models in marketing would give professional and potential professional to appreciate the situation on the field.

Mr Joseph Kusi-Tieku said the goal of the Institute was to nurture the growth of a dynamic institute to be at the forefront in creating the mechanism that would enhance risk management.

Mr Kusi-Tieku said the management would initiate programmes that would help educate businesses to cultivate effective risk management culture to keep risk low while maximising productivity and profit.

He said the IRMPG sought to use its activities to create a benchmark in the measurement of compliance risk management through organising various activities to promote its leadership role in risk management.

“We will use tailor-made workshops, seminars, exhibitions and case studies to engage the public and business entities to enhance their risk management capacities,” he said, adding that the institute would soon unveil and make public its programmes and activities for 2018,” he said.

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