Running a smooth operation
Due to internal control scandals, process failures and the Sarbanes-Oxley Act, energy firms must keep an ever-closer eye on internal operations. Openlink’s Philip Wang and freelance author Jack King lay the basis for an operational risk framework
Operational risk has come to the forefront of risk management – with energy firms the latest group to be held up as victims of operational failures. Governance of op risk and internal controls originated in banking and financial services, but is gaining momentum in the corporate sector (see box).
Management of op risk – the risk of loss resulting from inadequate or failed internal processes
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