Under the cooperation, Deloitte will help PVEP build its risk management strategy, policy and process; deploy the management system and conduct other activities to increase the enterprise management quality.
Do Van Khanh, board member and CEO of PVEP, said in a statement that the deployment of ERM was one of the firm’s strategic goals from now until 2015, targeting to become a strong oil-gas exploration and exploitation firm in the region in 2025.
The 2,000-strong PVEP currently has assets of over US$5 billion and manages 65 projects in Vietnam and 14 countries worldwide.
According to David Traylor, an expert at Deloitte, the deployment of ERM in different sector varies. With the banking sector the key point is how to reduce risks in investments while that for the oil and gas sector is not only how to reduce such investment risks but also reduce risks in terms of human livelihood and environment.