Integrated risk management provides balance for the operations

Kjell Olsson

”A systematic risk management process for all business areas within E.ON Nordic provides a balanced view on risk levels and simplifies the entire risk handling process”

Kjell Olsson, Risk Manager, E.ON Sverige AB.

E.ON Nordic produces and supplies energy and energy-related services to approximately one million customers. E.ON is one of the world’s largest privately owned energy companies, with 30 million customers.

E.ON Sverige AB – Risk Management has for some time now been using iFACTS Risk Portfolio to handle all types of risks within the energy sector.

Furthermore E.ON is using iFACTS products for information security, the handling of project risks, environmental debt and insurance management including the loss prevention work, within other parts of the organization.

Kjell Olsson, Risk Manager at E.ON Sverige describes how the risk management work has been substantially improved with the support of the iFACTS tools.

The centralized Risk Management function is the primary contact with the different companies within E.ON Nordic. A common view on risk handling and risk assessment is maintained and creates a stable foundation for the work. With the support of iFACTS Risk Portforlio Kjell leads the work with a continuous overview of the process and the total risk level.

In practice; a risk register is created in the system, where all risks are quantified and assessed. Thereafter different types of simulations are performed aiming at identifying risk mitigation actions. The access to historical data within the process increases the quality of the assessments with increased trust in the result. With simultaneous evaluation of the connection between the activities and the business to find an acceptable risk level.

Kjell says:

”We have the opportunity through an effective process to create a risk register and gather information to perform different types of simulations. With one button we can easily retrieve data in whatever format we wish. This in combination with historical data provides a thorough background for a decision process, where a balance between maintenance costs and risk is calculated - this creates a balanced picture of the operations.”

Kjell continues:

”A structured and efficient risk process has been created involving the different business operations, the central Risk Management function and internal control, resulting in a strong commitment from the entire organization. iFACTS provides excellent support for this work and through stability, simplicity and overview the system generates real value.”