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.
Business Continuity Management (BCM)
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.