Introduction

Risk Management for Oil and Gas is a critical capability in an industry defined by high capital exposure, complex operations, safety sensitivity, and geopolitical uncertainty. Ineffective risk management has repeatedly contributed to avoidable incidents, financial losses, reputational damage, and loss of life across the sector. This training course addresses the unique risk landscape of oil and gas by providing a structured, standards-aligned approach to identifying, assessing, and controlling risk across strategic, operational, and project environments. Participants will explore industry lessons, leadership responsibilities, and practical frameworks that support risk-informed decision-making and sustainable performance.

Key focus areas include:

 

Key Learning Outcomes

At the end of this training course, participants will be able to:

 

Training Methodology

This training course uses an interactive, case-based learning approach combining facilitated discussions, industry case studies, group analysis, and practical exercises. Participants will apply risk management frameworks and tools directly to oil and gas scenarios to reinforce learning and ensure practical transfer to the workplace.

Risk Management for Oil and Gas

Who Should Attend?

This Risk Management for Oil & Gas training course is designed for:

  • Risk Managers and Risk Practitioners
  • Internal Auditors
  • Line and Project Managers
  • Operations Managers and Supervisors
  • Project and Programme Managers
  • Engineers and Technical Professionals
  • Change, Transformation, Quality, and Excellence Professionals
  • Senior Managers responsible for governance and risk oversight

Course Outline

Day 1

Risk and Risk Management in Oil & Gas

  • Objectives & Governance, Concepts & Definitions of Risk & Risk Management
  • Risk in Oil & Gas
  • Risk Management Frameworks & ISO31000
  • The Importance of Commitment, Culture, Communication and Behaviour in Seeking an Effective Risk Management Structure
  • The Global Business and Risk Environment for Oil & Gas
  • Enterprise Risk Management – The Resilient Organisation
Day 2

Designing Your Organisational Framework for Managing Risk

  • Selecting a Risk Management Framework and Process Suitable for Oil & Gas Application
  • Defining Risk Management Responsibilities & Accountabilities
  • Measuring Risk Management Performance
  • Comparing Your Organisation’s Risk Management to the ISO 31000 Model & Principles
  • Aligning Risk Management with the Organisation
  • Defining Risk Attitude and Risk Appetite
  • Selecting Options for Risk Criteria, Assessment, Identification, Analysis & Evaluation
Day 3

Business Continuity Management Systems (BCMS)

  • Fundamental Principles of Business Continuity Management in Oil & Gas
  • Implementation of a BCMS in accordance with ISO 22301 & ISO 27031
  • Incident and Emergency Response Management
  • Business Impact Analysis (BIA) and Risk Assessment
  • The Relationship between BCMS and Compliance with the other Risk Management Requirements
  • Planning Implementation of a Business Continuity Management Systems (BCMS)
Day 4

Effectively Implementing Risk Management in Oil & Gas

  • Identifying Appropriate Resources and Methodologies to Implement The Risk Management Plan
  • Integrating Risk Management into Decision-making
  • Typical Barriers to Implementation
  • Risk Reporting & Stakeholder Management
  • Quantitative Risk Modelling and Qualitative Reporting
  • Aligning Risk Reporting with Other Strategic Management Activities, such as Reputation Management
  • Learning from Recent Cases of Failure in the Oil & Gas Industry 
Day 5

Review and Continuous Improvement of the Framework

  • Key Risk Indicators (KRI´s)
  • Continually Improving the Risk Management Implementation
  • Collating Risk and Control Information into a Central Risk Register / System
  • Inventory of Controls (The “Five Ws”)
  • Understanding & using Feedback and Taking on Board “lessons learnt”
  • Open Forum

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FAQs

Risk Management for Oil and Gas is essential due to the sector’s inherent exposure to safety hazards, environmental impact, geopolitical uncertainty, and capital-intensive operations. Effective risk management helps organisations prevent catastrophic incidents and protect long-term value.

The training course uses real industry cases and operational examples to illustrate how risk failures occur and how they can be prevented. This ensures participants gain practical insight into applying risk management frameworks in real-world oil and gas contexts.

Yes, Risk Management for Oil and Gas is strongly aligned with ISO 31000 principles and practices. Participants learn how to adapt international standards to the specific operational and strategic realities of the oil and gas sector.

The course emphasises leadership behaviour, accountability, and communication as critical drivers of effective risk culture. Participants learn how to embed risk awareness and disciplined decision-making across the organisation.

Organisations benefit from reduced operational risk, improved resilience, better crisis preparedness, and stronger alignment between risk management, strategy, and performance objectives within oil and gas operations.

Related Industry

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Energy, Oil, Gas & Utilities

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