Petrofac adopts Xactium Risk Manager for project and organisational risk management
Sheffield 23.09.14. Xactium Limited, the GRC cloud solutions company, today announces that international oil and gas services provider Petrofac Limited has chosen to adopt the use of Xactium’s Risk Management solution to manage both project and enterprise risk.
Stephen Tighe, Group Head of Enterprise Risk at Petrofac, said: “Petrofac has grown rapidly over the past few years and needed to optimise its approach to managing risk and uncertainty. In order to achieve this we needed to standardise the process and language for managing risk across our seven different business units and our portfolios of projects, assets and investments".
“Petrofac is a very dynamic company driven by an active project portfolio, and we therefore need to be very flexible, adaptable and responsive in meeting our own demands and those of our clients”.
Petrofac’s brief was for a cloud-based Enterprise Risk Management system incorporating optimum security levels and which could support both operational effectiveness at the project level and provide robust assurance through a comprehensive, accurate set of risk data.
Following a successful pilot, the Xactium solution was chosen for its effectiveness and agility in managing risk across multiple projects and business lines, and providing the flexibility required at project and corporate level. The solution also demonstrated ease-of-use, the ability to standardise risk management across the entire organisation with clear ownership and accountability.