How to achieve good risk management in Aibel

Abstract

In the oil and gas industry it has become a higher focus on risk and risk management the last years. It is higher expectation from stakeholders that organizations take full account for risks. It is important for Aibel as a leading service company and serious player in the industry to keep track and control of risk at all levels in the organization. Aibel has therefore established a risk management strategy for the company.

In this thesis the objective is to discuss how to achieve good risk management. A review of the risk management in Aibel is performed along with a survey to map the employee’s knowledge and experience on the subject. Gaps between the present risk management and principles from ISO 31000 are identified. The risk management strategy is also compared to the PSA requirements to see if they comply. An evaluation and classification of the risk maturity level for the organization is done. This is based on a risk maturity model. The risk maturity level measures the current level of risk culture in an organization. In this case there are 4 defined levels, naïve, novice, normalized and natural. With natural as the highest achieved level. The overall impression made in this thesis is that many of the principles for achieving good risk management are implemented. Despite of this there have been revealed weaknesses and huge potentials for improvement. The findings are discussed and there are also suggested areas of improvements for the organization on how to achieve an even more effective risk management. There have been identified several benefits for improving the present risk management along with suggestions for further work.