Develop a web-based early phase risk assessment tool for Norway’s Statoil
Statoil is the world's third-largest net seller of crude oil and one of its largest gas suppliers. With headquarters in Norway and 29,000 staff in 40 countries, this pioneering firm leads the world in deepwater technology use and carbon capture and storage.
In preparation for more global operations Statoil saw the need to identify business risks and opportunities as early as possible as part of their risk management processes. It sought a method and tool to identify and assess risks across multiple disciplines and communicate these findings quickly and effectively to senior management.
ERM was engaged to develop an early phase risk assessment tool. The tool’s purpose was to facilitate the identification and assessment of environmental, health, safety, social, security and business integrity risks (and opportunities) for new projects.
ERM helped produce the tool’s specification. ERM’s information solutions and risk teams then worked closely to create a web-based software tool that fully meets Statoil's high expectations.
After a year of development and testing, the tool was installed at Statoil in 2008. ERM has continued to support Statoil with the ongoing development of the tool; a new version with enhanced graphics was installed in January 2010.
Benefits and Value
In addition to the tool flagging risks early enough for them to be reduced or eliminated, this project was a valuable opportunity for Statoil's multi-disciplinary team to collaborate and learn more about each other’s roles and methods. In so doing a common approach to risk assessment has been developed across the disciplines. This now enables a clear picture of the key risks to be produced and effectively communicated throughout the team and to senior management.