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ConocoPhillips Risk Management

Transforming Risk Management practices for a major offshore project at ConocoPhillips

ConocoPhillips is an integrated energy company, headquartered in the US but operating in more than 30 countries, including a large facility in Norway. Delivering petroleum and natural gas worldwide, ConocoPhillips provides on-shore and off-shore exploration, research, refinery and supply services.

The Challenge

ConocoPhillips, Norway (COPNO) required comprehensive risk management support for their largest, resource intensive, complex major offshore project.

Facing resource challenges and with processes in need of a refresh, the team recognised that it needed to improve its Inventory Management processes and resources, whilst undertaking a series of Change Management activities to support continued business transformation.

Solution

LSC Group’s Risk Group embedded a Risk Management specialist into their Norway Capital Projects (NCP) Risk Group , transforming a number of improvements to risk management in support of their largest and major project.

Customer Benefits

Embedded risk management at the heart of the project, delivering improvements that better help manage strategic and operational risks in support of the project.
Specific benefits include;

  • Focusing on real risks and identifying key preventative and mitigating options to managing them
  • Establishing a consistent and concise set of key documents, meeting rhythms and processes to manage both strategic and operational risk
  • Risk Register - streamlined and focused on key risks
  • Introduction of Worries to allow Real Risks to be captured earlier and likewise for risk reduction to naturally become a day to day worry rather than perhaps complete closure of a Risk. This avoids the issue of “out of sight out of mind”.
  • Early Warning System - using already established systems to inform the wider Risk team without creating any additional layers in the process
  • Building greater confidence in decision making through more accurate and realistic measures of risk
  • Opportunity to reduce costs through better management of strategic and operational risk
  • Greater awareness amongst the wider project team of risk management processes, practices, and the criticality of managing risk

The Outcome

Sustaining LSC Group Risk Specialist support within ConocoPhillips NCP Risk Group in the delivery of their major project.