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The Benefits of Managing Risk in the Energy Sector
The energy sector is unique. The nature of the business and the products produced can have a detrimental effect on the health and safety of their workers and the environment. But at the same time, they have to handle the pressures that more traditional manufacturers face, such as the need to improve operational efficiency and cut costs. Balancing these multiple variables can be a daunting task – what it all comes down to is managing risk. Leaders in the energy sector are moving away from measuring and managing risks one at a time and evaluating their risk landscape holistically; the results from this approach speak for themselves:
Energy Leaders have as compared to Followers:
- 6% less unscheduled asset downtime
- 8% higher Overall Equipment Efficiency (OEE) rates
- 13% lower compliance-related costs in the past two years
- 1.6 fewer recordable injuries per 100 employees
- 15% higher audit actions completed on time
The bottom line: As high profile incidents continue to occur within the energy industry, not just regulators, but stakeholders are now demanding more transparency into risk within the business. To be successful, you need to attack risk management like the Leaders‒ holistically, across the enterprise.