ORCA – Remote Survey Solution
Risk management in the time of COVID-19
As COVID-19 persists, it is creating an increasingly challenging environment for energy and petrochemical companies. While firms struggle to adapt to the new risks the pandemic poses, the industry must continue to operate to provide energy and vital chemicals globally. Both existing and emerging safety risks need to be mitigated, and operational frameworks adapted. At the same time, insurers are expecting companies to provide data to demonstrate prudent risk management.
In the current climate, firms should be evaluating their risk management programme:
- Identification: are we managing the right risks?
- Exposure: how can we be sure there are no weak links?
- Comparison: can we benchmark against global best practice?
- Design: can we map our response without taking valuable time from our operations teams?
- Inform: how do we effectively communicate our management to internal and external stakeholders, including insurers?
We have seen refineries significantly reducing throughput, changes in operational shift patterns with offshore style rotations deployed onshore, key activities deferred as well as significant issues and unfortunate losses during the start-up of temporarily suspended plant. These challenges are not new or unique to the industry but, viewed through a COVID-19 lens, place significant strain on organisations.
Aon is committed to guiding our clients and others in the industry through this process as smoothly as possible. We have developed a quick and non-invasive web-based COVID-19 risk assessment framework to highlight best ‘risk management’ practice. Designed around the insurance market’s key concerns (LMA /JRC), it also leverages our membership of recognised industry professional bodies. This assessment can be initiated automatically by Aon free of charge at the press of a button. The assessment is simple and can be completed online in less than an hour at asset level.
Aon UK Limited is authorised and regulated by the Financial Conduct Authority. FP.GBC.348.JJ(A)