The oil and gas industry, and especially its sector of geological exploration and drilling works, are characterized by high risks of failure to achieve the planned results. The activities of companies in that industry are always connected to specific risks that cause the necessity to obtain additional reliable guarantees which would secure the interests of the companies and relieve them of the excessive costs burden.
Guided by this, “ERIELL” company is using a short-term and long-term risk management system. The purpose of the system is to formulate a standard approach to identification of the risks, their classification and development of measures to react to the risks in the process of project management.

In accordance with the corporate policy aimed at maximizing the efficiency of operations, minimizing associated risks and at insuring customer interests, the implementation of a project involves establishing a management group responsible for risk management.

The missions of that group are:

• To forecast and to manage risks within the Company;
• To create a unified structure for risk management;
• To develop a risk management policy, including exact risk assessment and identification of acceptable risk limits;
• To develop a risk indicators and accounting system, including potential damage assessment, list of basic dangers threatening the Company, and alarm signals on the basis of early warning;
• To optimize the range of risks with the help of risk prevention, insurance and transfer system;
• To improve Company’s readiness to manage the risks through training and information exchange programs, through establishing norms, incentives and introducing other programs aimed at improving the risk management system;
• To develop analytical systems and data processing methods to formulate a risk management improvement program;
• To achieve early identification of potential risks in a project, to assess their influence over the results, to make timely decisions on risk reduction, to manage risks at all stages of project implementation and to document project risk management processes.

“ERIELL” company attaches great importance to insuring its projects. For this purpose it always deals with recognized national insurance market leaders that provide highly professional insurance services for projects, for all associated financial risks and for compensation of losses resulting from the risks.