To promote risk awareness and facilitate the strategic risk review at the leadership level in EDC, the Risk  Management Department conducted the following activities:    

 

 

EDC’s ERM System is implemented following the Risk Management Principles and Guidelines of ISO  31000:2009. EDC’s risk management activities are conducted at various levels.

Process Risk Reviews, Focused Risk Reviews (i.e.,  Natural Catastrophe (NatCat) Risk Review, Asset  Risk Review, and Well Risk Review), and Operational  Risk Reviews are triggered annually and updated  regularly to ensure that risks are identified and  managed.  

 

Project Risk Reviews are conducted as part of the  Company’s project management and enterprise  stage-gate process. Project risk assessments are led  by the project teams and are regularly updated and  monitored as part of the project status reporting.  

 

As part of the Company’s risk governance, top risks  coming from the various risk review activities are  reported to Line Management, relevant Governance  Committees, Corporate Risk Committee (CRC),  and/or the Risk Management Committee (RMC) of  the Board to ensure clear direction and strategies on  the management of the Company’s top operational  and strategic risks.  

 

EDC has an established Business Continuity  Management (BCM) System covering emergency  response, crisis management, and business  recovery.  

 

The BCM plans and strategies are established and  updated based on the risks that have been identified  during the various risk reviews. BCM teams  (i.e., Crisis Management Committees, Incident  Management Teams, and Business Recovery  Teams) are also established across all locations to  execute the Company’s BCM plans and strategies.  

 

To test the readiness of the members of the BCM  teams and to further strengthen and improve EDC’s  BCM plans and strategies, desktop simulations are  conducted annually. In 2021, the Risk Management  Department, in coordination with the facilities’ BCM  managers, organized simulation exercises for all  operating sites considering each location’s top  risk exposure. Part of the desktop simulations is the  ongoing pandemic situation.  

 

Since the pandemic began in 2020, specific  BCM teams (i.e., Corporate COVID-19  Crisis Management Committee, Facility Crisis  Management Teams, Corporate Incident  Management Team, Site and Head Office Incident  Management Teams, Corporate Vaccine Working  Group, and Site Vaccine Working Groups) across  all locations were activated for COVID-19 response  and crisis management. This ensured that EDC  continued to operate and provide power, while  ensuring the health and safety of its employees and  contractors.