Two blog post links, discussing introducing risk management to the board, and I added “and executives.” The initial link is to a discussion by John Fraser; the second link is to a discussion by Norman Marks commenting about Mr. Fraser’s discussion.
Discussion by John Fraser, Click Here.
Discussion by Norman Marks, Click Here.
And a follow-up blog post by Norman, Why it makes sense to consider GRC, Click Here.
Also interesting, but not discussed in detail here, new guideline requirements enacted for offshore drilling operations: train/instruct employees and contractors about safety, injury and environmental risk/uncertainty management, risk/uncertainty management is ongoing all the time 24/7, all employees and contractors can/should report any situation that presents safety, injury or environmental risk or danger, evaluate risks (e.g., likelihood of occurrence and possible resulting injury or damage) and design and implement risk/uncertainty plans and processes, have those plans and processes audited to determine sufficiency and need to modify and improve, appoint people who are unilaterally authorized to stop operations at anytime when they deem appropriate, etc. Sounds good to me. I support drilling; I have also previously written about the need for improved risk/uncertainty management, and safety and risk/uncertainty management cooperation and collaboration between operators and operations. Also good stuff for boards to oversee.
Dave Tate, Esq. (San Francisco)