Industrial Perspectives into Risk Management. Finnish Operations Research Ilkka Ilmonen

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Petri Kokkonen
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1 Industrial Perspectives into Risk Management Finnish Operations Research Ilkka Ilmonen

2 Agenda 1. Finnish Risk Management Association (FinnRima) 2. Neste Oil in brief 3. Risk Management in Neste Oil 4. Some challenges in Risk Management 2

3 The Risk Management Association of Finland Founded in 1987 based on working group of the Central Chamber of Commerce of Finland In the beginning the group was consisting of insurance managers from major Finnish companies currently total amount of members is about 2 (213 persons, 36 corporates and pensioners ) Main objectives To improve awareness of latest trends, knowledge and practices regarding risk management To network and organize seminars To support students studying risk management sciense 3

is about 2 (213 persons, 36 corporates and pensioners ) Main objectives To improve awareness of latest trends, knowledge and

4 FinnRima the Finnish gateway to Ferma and other international risk management associations FERMA Mission Statement FERMA exists to support its members by coordinating and enhancing awareness and effective use of risk management, insurance and risk financing in Europe FERMA Strategic Objective To coordinate, promote and support the development and application of risk management in Europe To be recognised as a significant stakeholder in the decision making process at the European level on risk management and insurance issues 4

Europe FERMA Strategic Objective To coordinate, promote and support the development and application of risk management in Europe To be

6 FinnRima Board of Directors 20 Mr Ilkka Ilmonen Group Insurance Manager / Neste Oil Oyj Mr Heljo Laukkala VP Corp Risk Management / Metso Oyj Mr Juha Pietarinen VP Risk Management / Valtiokonttori Mr Tapio Huovinen VP Risk Management / UPM Mr Lars von Hertzen MD Finnish Captive & Risk Services Ltd Mr Mikko Routti MD Finnish Business Society Mr Jari Tuominen VP Internal Audit / Espoon kaupunki Mrs Johanna Kattelus Practice Leader, Risk Cons. / Marsh Oy Mr Lassi Väisänen Manager / FinnRima 6

Lars von Hertzen MD Finnish Captive & Risk Services Ltd Mr Mikko Routti MD Finnish Business Society Mr Jari Tuominen VP

7 FinnRima summary of past activities Year Events Subject 20 2 Board member liability, Financial crisis IT-risks, Supply Chain Management, Risk Management and Analysts Fraud in business, Risks in Russian business environment, Impact of the Financial Turmoil, Environment risks 2007 Business continuity, EU Business Insurance Interim Report, Supply Chain Management, Personal related risks & Insurance taxes, Major loss handling in int. Environment, Personnel risks, Risk highlights from World ******************************** Challenge of future is adding services and finding synergies through Clusters and co operation partners 7

Business Insurance Interim Report, Supply Chain Management, Personal related risks & Insurance taxes, Major loss handling in int.

8 NESTE OIL in brief

9 9

11 Examples of some risks: Spring 2007 Gulf of Finland Prestige

12 Examples of some risks: Autumn 2007 Naantali refinery December 200 Buncefield UK 12

13 Examples of some risks: Spring 2008 Porvoo Refinery March 200 BP refinery in Texas USA 13

14 Examples of some risks: Kuva-alue 14

15 Risk Management in Neste

16 Neste Oil Risk Management Framework 1. ERM process - systematic way of identifying threats and opportunities related to strategic targets and business plans 2. Risk manuals for specific risk disciplines - e.g. credit and counterparty risks, price risks, treasury risks etc. 3. Risk awareness in organisation - risk management line responsibility - risk reporting 16

targets and business plans 2. Risk manuals for specific risk disciplines - e.g. credit and counterparty risks, price risks, treasury risks etc.

17 Some Risk Management Challenges

18 What is Risk Management? Process safety Environment issues ENTERPRISE RISK MANAGEMENT Product safety Business Continuity Management Crisis management Work safety IT security IT-recovery plans Security 18

19 Some Risk Management challenges Enterprise Risk Management Units own rm reports and analysis Internal Audit Reports and analysis for authorities, insurance companies, banks etc matching" Audits and performance management Quality- and operational manuals Business Continuity NCR-near miss and accident reporting 19

insurance companies, banks etc matching" Audits and performance management

20 Tosi matala (-%) Tosi matala (-%) Tosi matala (-%) Tosi matala (-%) Matala (-1 %) Matala (-1 %) Matala (-1 %) Matala (-1 %) Medium (1-30%) 9 Medium (1-30%) 9 Medium (1-30%) Medium (1-30%) 7 7 Korkea (30-0%) 7 Korkea (30-0%) 7 Korkea (30-0%) Korkea (30-0%) Tosi korkea ( > 0%) Tosi korkea ( > 0%) Tosi korkea ( > 0%) Tosi korkea ( > 0%) ERM Risk reporting Unit A Vaikutus () Todennäköisyys (%) Risk map max 20 risks Unit B Vaikutus () Board report Unit C Vaikutus () Todennäköisyys (%) Vaikutus () Tosi matala (-%) Matala (-1 %) Medium (1-30%) Korkea (30-0%) Tosi korkea ( > 0%) Todennäköisyys (%) Vaikutus () Todennäköisyys (%) Selitykset, trendit, muutokset, vastuuhenkilöt, riskienhallinta_ toimet jne. 0 Tosi matala (-%) Matala (-1 %) Medium (1-30%) Korkea (30-0%) Tosi korkea ( > 0%) Todennäköisyys (%) Unit D Vaikutus () Todennäköisyys (%) Handling and control Unit and business controllers Risk committee, Internal Audit, and internal boards Audit committee and Board Reporting frequency Once a week Once a month Quarterly 20

0%) 6 6 6 Tosi korkea ( > 0%) ERM Risk reporting Unit A Vaikutus () Todennäköisyys (%) Risk map max 20 risks Unit B Vaikutus () 0 7 1 6 Board report Unit C Vaikutus () Todennäköisyys (%) Vaikutus ()

21 Risk Management challenges Visio Arvot Strategia Vaatimukset ulkoiset - lait - säännökset - standardit - ohjeet Strategiset riskit Taloudelliset riskit Vahinko riskit Operatiiviset riskit Poikkeamat ja läheltäpiti tilanteet Vahingot RISKIENHALLINTAPROSESSI Jatkuva parantaminen ja auditointi Riskiraportointi ja seuranta Tavoitteiden määrittely ja kohdentaminen Strategiset Vahinko Riskit & Mahdollisuudet Operatiiviset Finanssi Riskien tunnistus ja arviointi sisäiset - politiikat - periaatteet - toiminta- ohjeet Riskienhallintatoimenpiteet OPERATIIVISET PROSESSIT JA RAPORTOINTI Esim. havaintokierrokset virheistä oppiminen tapahtumatutkinta kriisienhallinta jatkuvuussuunnitelmat poikkeamanhallintaraportointi vahinkoraportointi jne. 21

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