Running a smooth operation


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, people or systems or from external events – used to be qualitative at best. But stakeholders are

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