Oil and Gas Risk Management Market - Global Analysis and Industry Forecast, 2014 – 2020

No industry is devoid of risk and the Oil and Gas industry is not an exception either. Companies invested in the business of oil and gas face their own unique set of risks, be it natural, manmade or inherent in their daily operations. Risk management solutions for the oil and gas business vary in general with the environment of business, the stakeholders and the nature of operations. Efficient risk management solutions not only need to be tailor made according to the industry but also to the specific business environment being faced. Project risk management is an integral part of any project in the oil and gas business. Companies providing risk management services need not only identify major risks in the business but also communicate risk management solutions in an effective manner. Risks when not managed diligently can have dire consequences on any Oil and Gas Company’s balance sheet.

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The oil and gas business is capital intensive in nature and operates with a large asset base and in highly risky environments. This drives the need for such companies to effectively manage their catastrophic risk portfolio. These market players need to continuously strive to optimize and strengthen their risk management models. General risk management models comprise of two primary phases namely the initial risk management and residual risk management. As the name suggests initial risk management is carried out initially to identify all risks associated comprehensively. Risks remaining after identifying initial risks are the residual risks. The residual risks are generally those having the potential to cause very high economic loss to the company and must be handled with extreme care and diligence. The types of risk management can be segmented as initial risks and residual risks.

Market players in the oil and gas business also face multiple exposures to risk. These risk...