Committee Responsibilities

CSME – May 2024 – L2 – SA – Q2 – Risk Management and Corporate Strategy

Evaluate risk management practices and responsibilities in an oil exploration company.

Question

An oil exploration company is planning to overhaul its risk management infrastructure. Prior to this time, there has been an upsurge in the number of oil spillages and fire outbreaks at its production facilities. Preliminary investigation narrowed the cause of these incidents to inadequate and ineffective risk identification system. You have been appointed to head the newly constituted risk committee, saddled with the responsibility of strengthening the company’s risk identification system.

Required:

a. Explain the meaning, purpose, and importance of risk identification.
(7 Marks)

b. Outline the risk management process.
(8 Marks)

c. Describe the responsibilities of a risk committee.
(5 Marks)

Answer

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Tags: Committee Responsibilities, Oil Exploration, Risk Identification, Risk Management Process, Safety Protocols
Level: Level 2

Topic: Risk Management and Corporate Strategy
Series: MAY 2024

Question Tag: Committee Responsibilities

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CSME – May 2024 – L2 – SA – Q2 – Risk Management and Corporate Strategy

Evaluate risk management practices and responsibilities in an oil exploration company.

CSME – May 2024 – L2 – SA – Q2 – Risk Management and Corporate Strategy

Evaluate risk management practices and responsibilities in an oil exploration company.

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Question Tag: Committee Responsibilities

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CSME – May 2024 – L2 – SA – Q2 – Risk Management and Corporate Strategy

Evaluate risk management practices and responsibilities in an oil exploration company.

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Evaluate risk management practices and responsibilities in an oil exploration company.

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