To be completed by Student:
Name of module:
MANAGEMENT IN ENERGY AND NATURAL RESOURCES INDUSTRIES
Title of paper
CRITICALLY ANALYZE THE ROLE OF BOARD OF DIRECTORS AND SENIOR MANAGEMENT IN MANAGING ENTERPRISE RISK IN AN ENERGY COMPANY Student no:
To be completed by Staff: - FEEDBACK for student
Very good effort for critical approach, good focus, more elaboration on critical issues with focus on energy sector and deeper thinking towards what is asked Use of information/ sources
Creative use of information
Very good but some more relevant information regarding the specific sector is recommended Presentation
Very good formatting and good variety of sources
Points to consider for improvement: There is a good understanding and coverage of the subject. Very good application of the example that reveals key issues, however, in the theoretical part before some connection with the energy sector instead of generalizing would assist. There is evidence of good reading, of good information retrieval skills, creative synthesis of information, good flow of ideas, grasp of concepts, but more elaboration and focus on the sector would be helpful
CENTER FOR ENERGY, PETROLEUM AND MINERAL LAW AND POLICY
STATEMENT OF ORIGINALITY
MSC, OIL AND GAS MANAGEMENT
TITLE OF RESEARCH PAPER: CRITICALLY ANALYZE THE ROLE OF BOARD OF DIRECTORS AND SENIOR MANAGEMENT IN MANAGING ENTERPRISE RISK IN AN ENERGY COMPANY
CONTRACT CONCERNING PLAGIARISM
I, the undersigned, have read the Code of Practice regarding plagiarism contained in the Students' Introductory Handbook. I realise that this Code governs the way in which the Centre for Energy, Petroleum and Mineral Law and Policy regards and treats the issue of plagiarism. I have understood the Code and in particular I am aware of the consequences, which may follow if I breach that code. I also authorise the centre to scan the e-copy of my research paper through the Plagiarism Detection Software to detect plagiarism
Date: 11 – NOV– 2013
Table of Contents
The drift towards the taking on of enterprise risk management (holistic) can be said to be a combination of internal and external factors. The major external influences that have driven firms to approach risk management in a more holistic manner are a broader scope of risks arising from factors such as globalization, industry consolidation, and deregulation, increased regulatory attention to corporate governance and technological progress that enables better risk quantification and analysis (Miller, 1992; Lam and Kwamoto, 1997; Miccolis and Shah, 2000). Internal factors are focused on emphasis relating to maximizing stakeholder profits. Looking at the recent economic crisis from the credit market meltdown, high-profile corporate scandals resulting to financial crisis e.g. (ENRON) which were seen as a result from lack of ethics and oversight can be blamed in a large part on the inadequate risk management by corporations and their boards of directors. (Lipton, et al). The adoption of enterprise risk management by organizations was as a result of all the major risk issues occurring which showed that boards haven’t been playing any active roles in the management of risk and it was time to change that attitude. The aim of this paper is to look at the major roles played by board of directors and senior management in managing enterprise risk in energy companies and critically analysing those roles. II: Enterprise Risk Management
‘‘Enterprise Risk Management is a process, effected by an entity’s board of directors, management and other personnel...
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