Sword Active Risk, a supplier of specialist risk management software and services, has been selected by international oil and gas company OMV Group to supply an integrated audit assurance solution. An existing user of Active Risk Manager (ARM) for enterprise risk management, the new solution, ARM 7 which was officially launched on 31 March, will replace the company’s current audit solution. ARM 7 will be used for audit assurance globally from three hubs in Vienna, Austria; Bucharest, Romania; and Istanbul, Turkey. ARM 7 was selected for its automation of audit recommendations and its full integration with enterprise risk management which will provide the organization with ‘one source of the truth’ for all audit and risk information.
OMV Group's Exploration and Production business segment has a strong base in Romania and Austria and a growing international portfolio. 2013 daily production stood at approximately 288 000 boepd.
Combined solution for the oil and gas industry
SVP Ernst PETRI, CAE at OMV stated; “Sword Active Risk’s commitment to the oil and gas sector means that they are in a good position to develop this combined solution. ARM 7 will help us to streamline the management of our audit recommendations and enable us to combine risk information to support management decisions.”
Adapted from press release by Cecilia Rehn
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/30042014/omv_selects_active_risk_manager_for_integrated_audit_assurance/