The second Enterprise Risk assessment for five functional groups and preparation of ERM manual was carried out from 23-27 Novemebr 2015 at Tomsk by a HQ team comprising Mr. Shambhu Nath Gupta, DGM(D) and Mr. Bimlesh Kumar Singh under the guidance of Mr. Arun Mittal, DGM(D)-CRO , ONGC Videsh with overwhelming support, participation & co-operation of entire Imperial Energy team.
This was a follow-up to the Risk management Committee’s decision in Sept 2015. The ERM system was initially rolled out in March 2014 and risk assessment carried out in line with ISO 31000: 2009 and an independent ERM structure , Policy & Risk register for five functional groups were established in May the same year. The detailed risk identification and assessment exercise were performed for each functional group namely Production, Drilling, Exploration & development, Finance and Legal departments with involvement of all Risk owners, risk team, CRO-Imperial Energy and top management team.
In total 31 numbers of business risks were firmed up and assessed with their causes and mitigation factors and the team also finalized the ERM Manual for Imperial Energy. The closure meeting was held recently wherein the CEO expressed his satisfaction and enjoined upon all concerned to develop and propagate the organizational risk culture in their day to day activities.