This training course is split in two modules:
MODULE I - Understanding Energy Insurance
MODULE II - Energy Risk Management
Each modules is structured and can be taken as a stand-alone training course; however, delegates with will maximise their benefits by traking Module 1 and 2 back-to-back as a 2-week training course.
Module 1: Understanding Energy Insurance
DAY ONE: OVERVIEW OF THE ENERGY INDUSTRY AND INSURANCE ASPECTS
- Types of oil and gas risks and differences between erection/operational exposure
- Renewable energy and current trends in the industry
- World oil economics and shale gas as an alternative energy source
- Coal-fired & gas turbine plants
- Offshore risks and marine-related issues
- Explore the coverage provided by the various insurance covers
DAY TWO: UNDERSTANDING ENERGY PROJECTS – APPLICATION OF CONSTRUCTION AND ERECTION INSURANCES
- Principles of insurance: What are they and appropriate examples?
- CAR or EAR: What are the differences?
- Discuss and identify trade risks
- Is it underwriting or just undercutting?
- How to affect the risk transfer mechanism?
- Challenges when there is an incident at an energy project site
DAY THREE: APPRECIATING THE WORDINGS UNDER SECTION I AND II IN THE POLICY
- Material damage and third-party liability aspects
- What are the concerns of the risk surveyor?
- Investigation - Why is the cause of failure very crucial?
- Role of the loss adjuster or loss assessor
- Dealing with third-party damage claims
- What is physical damage?
DAY FOUR: OPERATIONAL RISKS IN THE ENERGY SECTOR
- Property insurance: IAR/Fire policy coverage
- Offshore operating risks
- Business interruption insurance
- Third-party insurance: General & pollution liability
- Operator’s extra expenses insurance
- Offshore construction risks
DAY FIVE: HANDLING CLAIMS, RISK MANAGEMENT, AND RECOVERIES
- Recovery (subrogation) is undertaken after the insurance company pays a claim
- How is loss adjustment undertaken?
- Application of policy excess or deductible
- Why is risk management critical in energy projects?
Module 2: Energy Risk Management
Day Six: OVERVIEW OF ENERGY RISK MANAGEMENT
- Introduction to Risk & Risk Management
- Risk Management Standards
- Key Definitions
- Critical Success Factors for Risk Management
- Organisational Risk Attitudes (Risk Culture)
- Organisational Structures
- Risk Roles and Responsibilities
- Risk and Strategy
- Culture
Day Seven: RISK MANAGEMENT CATEGORIES
- Financial Risks
- Market risk
- Credit & counter-party risk
- Liquidity risk
- Limit management
- Operational Risks
- Systemic Risks
- Emerging Risks
- Strategic Risks
Day Eight: RISK REPORTING & MITIGATION
- Understanding Materiality
- KRIs
- Developing Risk Reports
- Risk Mitigation & Controls
- Aligning Opportunities, Strategy, and Risk
- Integrating Risks Across the Energy Business
- Risk Management Accountability & Ownership
Day Nine: APPLYING RISK PRACTICES TO THE ENERGY BUSINESS
- Comparison of Risk Practices across Sectors
- Risk Management’s Role in Strategic Management and Value Creation
- Leveraging existing Operational Risk Management as part of ERM
- Risk Accountability Structures
- Tools and Techniques
- Aligning Risk, Compliance, & Regulation
Day Ten: ENERGY TRADING
- Energy Trading: What, Where, and How?
- Overview of Energy Trading and Risk Management
- Energy Trading and Risk Management Systems
- Integration of technology as part of the risk architecture
- ERM Systems
- Dealing with Energy Trading
- ESG: The new frontier for risk
- The Future - Risk and Value Creation
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