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.