Risk Management Register

Abstract

Abstract Managing risk effectively and embedding internal control into the processes by which objectives are pursued is extremely important for the drilling activities. What Is Risk Register (RR)? A Risk Register is a management tool that enables an organization to understand its comprehensive risk profile. It is simply a repository for all risk information. It is a dynamic "living" document, The RR provides a key tool for Risk Management, as it holds all of the information relating to risks within the Rig. It also gives a clear view of the current status of each risk, at any point in time. The RR allow specific risks (Related to Rig) to be identified using variety of risk identification tools. The RR is a tool allows Rig Management for both ADMA & NDC to explicitly address uncertainty by identifying and generating metrics, categorizing, prioritizing, developing mitigations and tracking risk. These capabilities are supported through the development of a sophisticated documentation that allows for clear and convenient visual presentation; thus aiding in sustainable decision-making. ADMA CEO instructed ADMA teams to develop a RR. A Multi-disciplinary team was formed with the Drilling contractors and ADMA expertise to develop the Dynamic rig specific Risk Register which captures the risks, hazards & mitigation/prevention measures for each. The purpose of this RR is : Objectives Those risk which remain outstanding. Many International Risk Management associations have recently highlighted the need to consider positive events (opportunities) as well as negative events (threats) when performing project risk management activities. In practice, the majority of the organizations have demonstrated inconsistency when applying risk management practices. We concern ourselves a lot with opportunity management when threat management should be of more importance & yet does not seem to be succeeding. The ultimate solution is to have a balanced approach to risk management that incorporates opportunities.