Every organization requires a strong risk management policy to survive and perform well in the long run. This policy entails identifying risks, evaluating those discovered, and subsequently managing the established risks.
Risk management follows a coordinated structure that defines the duties and tasks of the people involved to address all possible threats. The main risk management stakeholders include the executive, risk management department, organizational directors, and all employees. The accountability of risk management programs resides with senior management, who must develop the framework according to the strategy. All employees are required to report risks and follow company-set procedures for risks. This is why it is important to assign these roles and responsibilities within organizations clearly this will solidify the risk management culture, thus reducing the occurrence of uncertain risks.

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