Tatweer Petroleum is committed to identifying and managing risks to its business and ensuring readiness to respond to crisis and major business interruptions. More specifically, the Risk and Compliance department has been working to reduce the impact of a disruptive incident and preparing the organization to continue the delivery of its most essential products, if a disruption were to occur, as well as ensuring the Company’s readiness to respond to crisis and critical business interruptions.
Enterprise Risk Management (ERM)
The Tatweer Petroleum Resilience Management (TRM) team conducted workshops to review all critical, important and tolerable corporate risks to ensure the risk register is up to date and includes any relevant emerging risks. As part of its oversight, the Tatweer Petroleum Resilience Management Committee (TRMC) held four (4) meetings in 2022, where critical and important corporate risks and related mitigation actions were reviewed and agreed upon.
The TRM team took part in four (3) nogaholding ERM/BCM committee meetings. During the meetings, diverse common risks and disruptions have been brought forward and discussed, in addition to covering various topics and strategies on working and aligning risk and business continuity across all group companies. The TRM team have been working closely with nogaholding on their initiatives to standardize risk management and business continuity practices across companies, through two initiatives: 1) a standardized risk management software that will capture all risk information and will assist nogaholding uniformly reporting corporate risks; and 2) Marsh, a consultant, conducted a gap analysis and will issue a report with the findings which shall be evaluated for adoption to enhance risk practices.
Business Continuity Management (BCM)
In pursuit of organizational resilience, the Business Continuity (BC) Champions Program was launched in August 2022. The program included training for all Business Continuity (BC) Champions nominated from each of the departments within the Company. The training included theoretical and practical learning on BCM followed by the commencement of the Business Impact Analysis (BIA) for all departments. After finalization, TRM team shall proceed to finalize BC plans for all critical functions within the Company.