Risk-based audit management for TPDC

MetricStream, a market leader in enterprise governance, risk, and compliance (GRC) solutions announced today that the government-owned Tanzania Petroleum Development Corporation (TPDC) has gone live with MetricStream's solution for risk-based audit management.

Built on an integrated GRC platform, the solution consolidates internal audit activities in a single framework to drive greater transparency and efficiency, while also streamlining end-to-end audit workflows, and strengthening visibility into risks.

Tanzania’s petroleum exploration and development policies

Tanzania is quickly becoming one of the largest global exporters of natural gas. TPDC is a Tanzanian state corporation through which the Ministry of Energy and Minerals implements its petroleum exploration and development policies. The organisation plays a crucial role in monitoring oil and gas exploration and production, researching and developing the industry, and advising the government on petroleum-related issues.

Natural gas reserves

TPDC is also a partner in the two current gas fields, namely Songo Songo and Mnazi Bay, which have been in production since 2004 and 2006 respectively, and contribute over 40% to total domestic power generation. TPDC has played an important role since the discovery of new gas reserves in Tanzania and Mozambique, leading to predictions that the region could become the world's third-largest exporter of natural gas. In Tanzania alone, the gas initially in place (GIIP) is estimated at 42.5 trillion ft³ from deep waters offshore, and 8 trillion ft³ onshore.

"At TPDC, we look to integrate risk management into our day-to-day activities at every organisational level, while also ensuring proper oversight of risks," said Charles Nyangi, Acting Director of Internal Audit at TPDC. "The MetricStream solution scales across the enterprise, and helps us improve the efficiency of our audit program, while facilitating greater information-sharing and coordination across these activities, which comprise internal and joint ventures (external) audits."

Internal audit processes

To balance the potential opportunities with the associated risks, TPDC is strengthening its internal audit processes, supported by the MetricStream solution. The solution provides rich, end-to-end functionalities for simplifying, accelerating, and enhancing the entire audit lifecycle. It helps consolidate risks from across the enterprise, and map them to their corresponding controls so that the organisation can quickly identify high-risk areas, and prioritise audit plans and resources accordingly.

"We are delighted to help TPDC simplify and strengthen its audit capabilities," said Shankar Bhaskaran, Vice President & General Manager of International Business Operations at MetricStream. "MetricStream has a strong presence in the Middle East, particularly among major oil and gas companies, and is now actively involved in the rapidly growing African market." 

Adapted from press release by Cecilia Rehn

Read the article online at: https://www.oilfieldtechnology.com/exploration/28072014/risk-based-audit-management-for-tanzania-petroleum-development-corporation/