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Dr Kofi Koduah Sarpong, the Chief Executive Officer of Ghana National Petroleum Commission, (GNPC) has advised companies, especially those in the oil and gas business, not to take the issues of risk management for granted.

“We must engage professionals to guide us to manage risk on daily basis with the proper risk management plans,” Dr Sarpong said.

“We need to protect assets of our businesses, ensure certainty of our cash flows and absorb shocks; that is why risk management is important.”

He was addressing a forum, organised by the Institute of Risk Management Professionals Ghana (IRMPG) to discuss risk management in the oil, gas and energy sector and prescribe potential management plans.

The meeting, which gathered experts in the industry also showcased modern technology tools and management practices that could be used to address challenges as the industry grows.

Dr Sarpong said failure to prioritise the management of the risks associated with their business could end them and their stakeholders in dire consequences.

He, however, explained that risk management was a very crucial but highly specialised area that needed a comprehensive and stringent mode of training and accreditation of members before allowing the practice.

The GNPC Boss, therefore, tasked IRMPG to ensure that the various teaching models were blended with both world-class and local content to ground prospective practitioners ‘well baked’ for the market.

He said the inclusion of local content and other models in marketing would give professionals and potential professionals the knowledge to appreciate the situation on the field.