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Case Study
Kuwait Petroleum Corporation
Kuwait Petroleum Corporation is the state-owned entity responsible for Kuwait's hydrocarbon interests throughout the world. As part of the global energy industry, they supply the world with its vital oil and gas needs by exploring for, producing, refining, transporting and marketing these precious natural resources. www.kpc.com.kw
In 2006, KPC engaged a leading advisory firm to develop a company-wide ERM framework for KPC and ten global subsidiaries, tightly aligned to AS/NZS 4360 Standards. KPC selected Avanon to deliver and implement the platform, with primary objectives for global risk assessment, based on a highly structured risk inventory; integration with and triggers for all key financial, operational and control indicators; links to action management. Roll-out began in 2008 and will complete in early 2009; the scope of use will then be expanded to include the firm’s insurance claim management process