Deloitte provides Enterprise Risk Management (ERM) consulting services for PVE
In December 2013, at the headquarter of PetroVietnam Exploration Production Corporation (PVEP) – PetroVietnam – in Hanoi, Deloitte Vietnam Company Limited and PVEP held the signing ceremony of the “Enterprise Risk Management (ERM) consulting services for PVEP” with representatives from the two parties. With this project, PVEP will become not only the first State – owned Corporation but also the first company amongst Corporations which have overseas investment to implement ERM framework in Vietnam.
Following cooperation scheme, Deloitte shall assist PVEP to develop risk management strategies and structures, design risk management policies and process, implement risk management system as well as organize training and transferring technology during the project execution period.
PVEP is a large enterprise with assets worth over 5 billion USD, managing 65 projects in Vietnam and in 14 countries, recruiting over 2,000 employees. Notably, since the Corporation operates in a very typical field possessing large scale and high risk, risk management plays an important role to PVEP.
The cooperation between PVEP (PetroVietnam Exploration Production Corporation - a major unit of PetroVietnam) with Deloitte (one of the leading Consulting Firm in Risk Management) will bring many great successes in enhancing management capability, and operational efficiency of PVEP. The successful implementation of the contract between the two parties will be a valuable experience for Corporations to implement ERM framework in Vietnam.
Doctor Do Van Khanh, PVEP’s General Director, stated that “The implementation of ERM framework for Corporation is prioritized as one of the strategic goals of PVEP from 2013-2015, to ensure PVEP reaching its visionary objective of becoming one of the strong companies in oil and gas exploration and production in the region in 2015. To achieve such objective, PVEP has trusted and chosen Deloitte – the world leading professional firm in risk management – which has full capacity to support with the ERM framework development in compliance with the Corporation’s nature, oil and gas industry trends, and international economics situation; to establish a solid foundation to ensure the effectiveness of risk management activities and bring values to the Corporation”.
On this occasion, Madame Ha Thu Thanh, Chairwoman of the Board cum CEO of Deloitte Vietnam also stated that: “Deloitte highly values the cooperation with PVEP and will gather the best resources to support PVEP to successfully implement ERM. The leading consulting experts of Deloitte Global and Vietnam will support PVEP with the latest trends and changes about risk management of world leading oil and gas corporations as well as share with PVEP the experiences in developing ERM framework from big oil and gas corporations in the region”.
Mr. David Traylor, Principal, Business risk Services, Oil and Gas Industry, Deloitte Office in Houston (USA) shared that: “The implementation of ERM differs in each industry. In banking industry, the primary concern is the capability of ERM to reduce loss of investment. As for oil and gas industry, not only the loss of investment, but the most primary concern is the capability of ERM to reduce the loss of life and significant damage of the environment so that oil and gas corporations can operate safely, at the most optimal condition”.
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