Inherent Risks Management and Opportunities
EDC encounters organizational system risks such as asset owner governance inaccuracy, which can lead to concerns in data and resources projection. To address this, we promoted the importance of accountability and collaboration across the organization and implemented definitive work plans per facility. Encouraging ownership amongst our people enhanced our resource allocation and improved our service to customers. On the other hand, the CI Program can be incremental in terms of progress. Nevertheless, this is compensated with low-cost initiatives, while also allowing EDC to reinforce its foundations with purposeful innovation and a continuous improvement mindset.
Facilities, equipment, and asset management also come with their challenges, including the need for continued competency development of the teams, transmitters and support for the communication infrastructure, and varying well conditions. EDC managed these by providing our people with the necessary training, maximizing digital initiatives including automation and online calculations, and optimizing well planning, monitoring, maintenance, and utilization.
Natural hazards pose imminent danger to our organizational intellectual capital as well, as the landslides and earthquakes threaten the safety of our people and impact our surface facilities and technologies. We addressed these by applying the latest tools and closely coordinating with our internal and external partners. In addition, the real-time data through digital platforms provided timely insights which informed immediate data-driven decisions. These allowed us to identify high-risk areas for incorporation in the updated mitigation plans.
The development of alternative technologies comes with its own set of risks and opportunities, particularly in the competence of our teams in utilizing these new tools. Once in place, these new technologies can facilitate cost reduction in our overall operations, open doors for new business markets in management services, and power generation to customers on a smaller scale. Further, these initiatives provide a safer, more sustainable steam supply for the organization.