The unveiling session of two key documents, “Risk Dictionary” and “Risk Governance Document”, was held in the conference hall of the company’s central building, with the presence of the CEO, members of the Board of Directors, senior managers, and key managers.
In this meeting, Mr. Babak Pourkia, CEO of Shiraz Petrochemical Company, referred to the turbulent, complex, and multidimensional conditions of the oil, gas, and petrochemical industries and emphasized the need to establish an integrated enterprise risk management system based on the international COSO 2017 framework.
He considered “creating a common language in the organization, transparency in decision-making, and increasing the organization’s resilience in the face of uncertainties” to be among the most important achievements of effective risk management implementation.
He added: “The purpose of compiling these documents is to transform risk management from a temporary and reactive measure into a sustainable management capability and decision-making tool at different levels of the organization.”
In the continuation of this meeting, Mr. Ghorbani, Planning and Development Director of Shiraz Petrochemical Company, as the unit in charge of establishing management systems and methods and implementing the integrated risk management project, explained the measures taken in the design and implementation of the company’s new risk management system and said: This system has been designed and implemented in full compliance with the COSO 2017 framework and utilizing the knowledge and experience of Mehdi Masahi as a senior consultant and risk management expert.
Referring to the nature and function of the two unveiled documents, he stated: “The” Risk Dictionary “was developed with the aim of creating a common literature, understanding and comprehension of risk concepts at all levels and units of the organization, and the” Risk Governance Document “also clearly explains the roles, responsibilities, committee structure, reporting paths, and accountability mechanisms in the field of risk management. These documents are considered one of the most important outputs of the comprehensive project “Identification, Analysis, Design, and Implementation of the Integrated Risk Management System of Shiraz Petrochemical Company.”
Referring to the successful progress of the previous four phases of the project, the Planning and Development Manager of Shiraz Petrochemical Company added: In the current situation and in the final phase of the project, the company’s focus is on identifying priority risks, implementing the cycle of identifying, analyzing, responding, and monitoring risks simultaneously in the headquarters and operational units, and transforming management outputs into tangible and executable results in the Board of Directors’ Risk Committee.
At the end of this meeting, while appreciating the active participation of managers and experts from various units, emphasis was placed on continuing the path of implementing the risk management system, as well as planning for knowledge transfer and sharing the experiences and achievements of this project with other subsidiaries of Parsian Oil and Gas Holding.
