PRESENTATIONS
Risk Management Procedure
Document No. HSE-SFT-000-IN-PRO-00008-000
Document No. Revision No. Issue Date
HSE-SFT-000-IN-PRO-00008 00 May 2016
Next Review Date:
April 2019
Sponsored by: Endorsed by: Approved by:
Ghulam Ali
Amjad Shaikh
Mausuf Ahmad
Safdar Nensey
This document is a CONTROLLED DOCUMENT. Any change to this document must be reviewed and approved prior to use and issue.
Any documents not approved in this manner will be Uncontrolled. When printed this document is UNCONTROLLED
, United Energy Pakistan Limited
Rev. No.
RISK MANAGEMENT PROCEDURE
00
TABLE OF CONTENTS
1.0 GENERAL ......................................................................................................................................... 3
1.1 Intent................................................................................................................................................... 3
1.2 Acronyms ........................................................................................................................................... 3
1.3 Definitions .......................................................................................................................................... 3
1.4 Scope ................................................................................................................................................. 4
2.0 ROLES AND RESPONSIBILITIES ............................................................................................... 4
3.0 STEPS INVOLVED IN THE RISK MANAGEMENT PROCESS ........................................ 7
3.1 Developing Risk Register and Risk Matrices ............................................................................... 8
3.2 Reviewing and Updating Risk Register ......................................................................................... 8
3.3 Aggregation of Risks ........................................................................................................................ 9
4.0 PLANNING AND CONTROL ....................................................................................................... 11
4.1 Risk Mitigation Options .................................................................................................................. 11
4.2 Risk Action Plans (RAPs).............................................................................................................. 13
4.3 Risk Action Plan Endorsement ..................................................................................................... 14
4.4 Risk Review Process ..................................................................................................................... 15
5.0 IMPLEMENTATION & OPERATION .......................................................................................... 15
5.1 Execute Risk Action Plans ............................................................................................................ 15
5.2 Crisis, Continuity Management and Emergency Response Plans ......................................... 16
5.3 Communicate Risks and Risk Action Plan ................................................................................. 16
6.0 MEASUREMENT, EVALUATION, AND CORRECTIVE ACTION......................................... 16
6.1 Measurement .................................................................................................................................. 16
6.2 Evaluation ........................................................................................................................................ 17
6.3 Corrective Action ............................................................................................................................ 17
7.0 MANAGEMENT REVIEW AND IMPROVEMENT .............................................................. 17
7.1 Improvement in Risk Management Procedure .......................................................................... 17
7.2 Risk Management Procedure Assurance ................................................................................... 17
APPENDIX A – RISK MATRIX ............................................................................................................ 18
APPENDIX B – RISK EVALUATION TECHNIQUES ...................................................................... 25
APPENDIX C – RISK REGISTER FORMAT .................................................................................... 28
Document No. HSE-SFT-000-IN-PRO-00008-00 Issue Date: May 2016 Page 2 of 28
, United Energy Pakistan Limited
Rev. No.
RISK MANAGEMENT PROCEDURE
00
1.0 GENERAL
1.1 Intent
The intent of this procedure is to define the risk management process and
expectations.
This procedure establishes requirements regarding risk management principles
and processes to be used in UEP. Following expectations shall be achieved
through this procedure:
a. Credible risks will be identified, assessed, prioritized, and documented at
Entity, Department, Facility, Camps & Office level. These risks will be
considered in the annual planning processes.
b. All risks will be actively managed through application of appropriate
prevention, control and mitigation measures. Moreover, ways to eliminate
or minimize risk at source will be identified and incorporated into the plans
to achieve risk reduction.
c. Communication of Business and HSE risks will be made to the workforce
exposed to them.
d. Personal safety risks will be actively managed through the CoW process,
TRA, etc.
1.2 Acronyms
D&C Drilling & Completions
ISD Inherently Safer Design
IM Integrity Management
MOC Management of Change
RM Risk Matrix
TRA Task Risk Assessment
VP Vice President
UEP United Energy Pakistan
UEG United Energy Group
1.3 Definitions
Business Risks collectively describe the probability of realizing financial and / or
non-financial impacts.
Entity means the Organization [UEP], which includes the overall company
structure including all departments.
Facility includes fixed or mobile structures, including drilling rigs, or equipment
for the duration where UEP is the Operator of the facility or applicable lease.
Financial Risk is the probability of realizing a financial impact to the UEP. The
impact includes, for example, deferred production, missed business plan targets,
Document No. HSE-SFT-000-IN-PRO-00008-00 Issue Date: May 2016 Page 3 of 28
Risk Management Procedure
Document No. HSE-SFT-000-IN-PRO-00008-000
Document No. Revision No. Issue Date
HSE-SFT-000-IN-PRO-00008 00 May 2016
Next Review Date:
April 2019
Sponsored by: Endorsed by: Approved by:
Ghulam Ali
Amjad Shaikh
Mausuf Ahmad
Safdar Nensey
This document is a CONTROLLED DOCUMENT. Any change to this document must be reviewed and approved prior to use and issue.
Any documents not approved in this manner will be Uncontrolled. When printed this document is UNCONTROLLED
, United Energy Pakistan Limited
Rev. No.
RISK MANAGEMENT PROCEDURE
00
TABLE OF CONTENTS
1.0 GENERAL ......................................................................................................................................... 3
1.1 Intent................................................................................................................................................... 3
1.2 Acronyms ........................................................................................................................................... 3
1.3 Definitions .......................................................................................................................................... 3
1.4 Scope ................................................................................................................................................. 4
2.0 ROLES AND RESPONSIBILITIES ............................................................................................... 4
3.0 STEPS INVOLVED IN THE RISK MANAGEMENT PROCESS ........................................ 7
3.1 Developing Risk Register and Risk Matrices ............................................................................... 8
3.2 Reviewing and Updating Risk Register ......................................................................................... 8
3.3 Aggregation of Risks ........................................................................................................................ 9
4.0 PLANNING AND CONTROL ....................................................................................................... 11
4.1 Risk Mitigation Options .................................................................................................................. 11
4.2 Risk Action Plans (RAPs).............................................................................................................. 13
4.3 Risk Action Plan Endorsement ..................................................................................................... 14
4.4 Risk Review Process ..................................................................................................................... 15
5.0 IMPLEMENTATION & OPERATION .......................................................................................... 15
5.1 Execute Risk Action Plans ............................................................................................................ 15
5.2 Crisis, Continuity Management and Emergency Response Plans ......................................... 16
5.3 Communicate Risks and Risk Action Plan ................................................................................. 16
6.0 MEASUREMENT, EVALUATION, AND CORRECTIVE ACTION......................................... 16
6.1 Measurement .................................................................................................................................. 16
6.2 Evaluation ........................................................................................................................................ 17
6.3 Corrective Action ............................................................................................................................ 17
7.0 MANAGEMENT REVIEW AND IMPROVEMENT .............................................................. 17
7.1 Improvement in Risk Management Procedure .......................................................................... 17
7.2 Risk Management Procedure Assurance ................................................................................... 17
APPENDIX A – RISK MATRIX ............................................................................................................ 18
APPENDIX B – RISK EVALUATION TECHNIQUES ...................................................................... 25
APPENDIX C – RISK REGISTER FORMAT .................................................................................... 28
Document No. HSE-SFT-000-IN-PRO-00008-00 Issue Date: May 2016 Page 2 of 28
, United Energy Pakistan Limited
Rev. No.
RISK MANAGEMENT PROCEDURE
00
1.0 GENERAL
1.1 Intent
The intent of this procedure is to define the risk management process and
expectations.
This procedure establishes requirements regarding risk management principles
and processes to be used in UEP. Following expectations shall be achieved
through this procedure:
a. Credible risks will be identified, assessed, prioritized, and documented at
Entity, Department, Facility, Camps & Office level. These risks will be
considered in the annual planning processes.
b. All risks will be actively managed through application of appropriate
prevention, control and mitigation measures. Moreover, ways to eliminate
or minimize risk at source will be identified and incorporated into the plans
to achieve risk reduction.
c. Communication of Business and HSE risks will be made to the workforce
exposed to them.
d. Personal safety risks will be actively managed through the CoW process,
TRA, etc.
1.2 Acronyms
D&C Drilling & Completions
ISD Inherently Safer Design
IM Integrity Management
MOC Management of Change
RM Risk Matrix
TRA Task Risk Assessment
VP Vice President
UEP United Energy Pakistan
UEG United Energy Group
1.3 Definitions
Business Risks collectively describe the probability of realizing financial and / or
non-financial impacts.
Entity means the Organization [UEP], which includes the overall company
structure including all departments.
Facility includes fixed or mobile structures, including drilling rigs, or equipment
for the duration where UEP is the Operator of the facility or applicable lease.
Financial Risk is the probability of realizing a financial impact to the UEP. The
impact includes, for example, deferred production, missed business plan targets,
Document No. HSE-SFT-000-IN-PRO-00008-00 Issue Date: May 2016 Page 3 of 28
