AM-97-05 Risk Management: Conceptual foundations and pratical Applications

Description:

The intent of this paper is to introduce the concept of risk management; to discuss its origins; to understand how it has evolved; and to review the important purpose it serves. A historical perspective will furnish an intuitive sense for the need of risk management, while recent advancements in the science of risk management will provide the quantitative justification for establishing a risk management program. In addition, risk management applications in the petroleum industry, and more specifically, in the refining sector will be discussed. Finally, a presentation 6om a broader perspective will illustrate the benefits of looking at a company’s aggregate risk.