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Risk management
Lundin Energy’s risk management approach is designed to identify and manage the most material risks for the business, from health, safety and environmental protection to the capacity to achieve short and long-term business objectives to financial risks relating to a volatile oil price environment and accurate financial reporting.
Risk assessment
A standardised risk management methodology is used to perform quantitative and qualitative risk assessments and to prioritise activities and resources which enables the Company to deal effectively with any potential threats and opportunities. The risk assessment starts with an understanding of events in terms of severity and probability of an incident occurring that takes context and uncertainty into consideration. Risks are then rated to indicate the appropriate level of attention from management, including identification of corresponding opportunities.
Risk management process
Lundin Energy’s risk management process is driven by the Board to encourage foresight, pro-activeness and informed decision-making. Management is responsible for establishing risk management processes and for reviewing and measuring the effectiveness of mitigation efforts and local management has the day-to-day responsibility for implementing the systems and monitoring their impact.
Key risk areas
Lundin Energy’s primary risks fall into three areas, which also include external risks that could influence the Company’s business operations or reputation. The three risk areas are Operational risks, Financial risks and Strategic risks.
More details about our risks can be found in our Annual Report 2019.
