Issue
A midstream energy company needed a consistent, enterprise-wide approach to identifying, assessing, and managing risk across multiple business units. Leadership sought clearer visibility into critical operational, financial, strategic, and external risks, along with a framework to better connect risk management to governance and audit priorities.
Solution
CBIZ Risk & Advisory Services (RAS) worked with the client to design and implement a formal Enterprise Risk Management (ERM) framework at both the business unit and enterprise level. Through stakeholder workshops, the RAS team identified and prioritized 55 enterprise risks and conducted real-time inherent and residual risk scoring to focus leadership on the most critical exposures. Risks were classified into operational, financial, strategic, and external categories, and mitigation plans were developed and refreshed quarterly. ERM insights were integrated into the Internal Audit Plan, enabling agile, risk-based audits that tested controls, raised awareness, and supported timely management action plans.
Outcome
The ERM program embedded a stronger, risk-focused culture across the organization. Executive leadership and the audit committee now regularly review enterprise risks and their impact as the business evolves. Agile, targeted audits deliver faster feedback, improve governance, and enhance oversight of mitigation efforts, increasing the organization’s ability to respond to change, confidently
and proactively.
| Company Information | |
|---|---|
| Industry | Mainstream Energy |
| Entity Type | Publicly Traded |
| Ownership Structure | Master Limited Partnership (MLP) |
| Geographic Footprint | National |
| Annual Revenue | $3.5 Billion |
| Number of Employees | ~569 |
© Copyright CBIZ, Inc. All rights reserved. Use of the material contained herein without the express written consent of the firms is prohibited by law. This publication is distributed with the understanding that CBIZ is not rendering legal, accounting or other professional advice. The reader is advised to contact a tax professional prior to taking any action based upon this information. CBIZ assumes no liability whatsoever in connection with the use of this information and assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein. Material contained in this publication is informational and promotional in nature and not intended to be specific financial, tax or consulting advice. Readers are advised to seek professional consultation regarding circumstances affecting their organization.
“CBIZ” is the brand name under which CBIZ CPAs P.C. and CBIZ, Inc. and its subsidiaries, including CBIZ Advisors, LLC, provide professional services. CBIZ CPAs P.C. and CBIZ, Inc. (and its subsidiaries) practice as an alternative practice structure in accordance with the AICPA Code of Professional Conduct and applicable law, regulations, and professional standards. CBIZ CPAs P.C. is a licensed independent CPA firm that provides attest services to its clients. CBIZ, Inc. and its subsidiary entities provide tax, advisory, and consulting services to their clients. CBIZ, Inc. and its subsidiary entities are not licensed CPA firms and, therefore, cannot provide attest services.
