Energy sector facing a dangerous cocktail of risks

The drive towards a greener economy, energy transition and its challenges, and recent shifts in market prices are just the tip of the iceberg of risks faced by the energy and renewables sector. Cyber and digital innovation and the COVID-19 pandemic bring even greater disruption to the sector, at a time when it is already under immense pressure.

These are just some of the findings of a piece of work carried out by the Institute of Risk Management's Energy and Renewables Special Interest Group, which explores all these challenges and their strategic and operational aspects.

This publication, authored by Grant Griffiths, deputy chair of the global professional body's Energy and Renewables SIG, explores the latest industry trends and challenges and risk management’s crucial role in underpinning the future success of the global energy sector. Alexander Larsen, CFIRM, chair of the group was also a key contributor.

“The level of uncertainty brought about by the perfect storm of events for the energy sector in the early part of 2020 has been a wake-up call on an unprecedented scale," Griffiths asserts.

"As risk and resilience professionals, dealing with the present and preparing effective strategies has never been more important.

"Our SIG survey highlighted, and was reinforced in the findings from the IRM’s wider COVID-19 global survey, the criticality of having established risk and business continuity management capabilities as an integrated element of a well-run enterprise.”

This latest insight follows the publication of the IRM's Fuelling the debate: Latest trends in Energy report on the challenges faced by risk managers globally in the energy sector.


Readers may download the report here: https://irmcomms.wufoo.com/forms/q1h50cd30s16uxn/ or visit the Special Interest Group here: https://www.theirm.org/join-our-community/special-interest-groups/energy/

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