Esg-Risks Assessment As A Factor Of Oil And Gas Companies Economic Security

Abstract

Recent trends in the global economy necessitate the active development of the economic security system of companies. Moreover, in the past few years, risks associated with environmental, social and governance factors (ESG risks) have become increasingly important for oil and gas companies. The most significant among are the following: natural resource depletion, high probability of industrial accidents etc. In the course of diagnosing potential crisis situations of companies, it is necessary to identify the most likely threats to economic security. This process needs a comprehensive analysis of oil and gas companies’ activity. Monitoring of possible threats (risks) to economic security should be carried out using a system of indicators. However, at present, a unified risk assessment system, including ESG risks, has not been developed yet. An analysis of disclosing information on ESG risks by Russian and foreign oil and gas companies showed that the absence of a risk assessment system negatively affects the transparency of reporting. A system of indicators has been developed as part of the study, the calculation of which allows assessing the level of ESG risks taking into account the specifics of oil and gas companies’ activity. The basis for the calculation is non-financial reporting data of companies published on their official websites. The grouping of indicators according to the main areas of risk simplifies the process of analyzing the company’s activity and makes it possible to control certain elements of economic security of oil and gas companies.