The most important operational risks are followed up in the management committees for the priority fields/joint ventures. Petoro works continuously on maturing and developing risk management in line with principles for integrated management and the development of the company’s risk picture. These principles build on the internationally recognised Coso/ERM framework for internal control, and on the company’s internal expertise.
Identification and management of risk and risk exposure form part of Petoro’s business processes. The company works with risk management to handle conditions which could affect its ability to reach specified targets and to implement chosen strategies, as well as those which could affect its ability to submit accurate accounts. Risk management is an important tool for reducing uncertainty in Petoro’s strategy and performance-monitoring processes, and for creating understanding of the risk picture across the business.