Risk Management Tool Drills Down to Oil & Gas Company's Core Business

Client Profile

Annual Revenue: $3 billion
Industry: Oil & Gas
Entity Type: Public
Geographic Footprint: Headquartered in Houston

CBIZ provides SOX and ERM services.Issue

An oil and gas company experienced issues with the outsourcing and delivery of its risk management and Sarbanes Oxley (SOX) compliance functions. Its risk assessments did not deliver useful information, which stretched the resources of its limited internal audit budget. The company also wanted to outsource its SOX compliance.

Solution

Our team offered a risk management solution that included an outsourced internal audit function, SOX compliance and risk management consultative services.

We streamlined the company’s existing approach to risk management with a comprehensive business risk assessment (CBRA) tool to capture all facets of the oil company’s operations, including risks that were not previously addressed by its internal audit function, such as the company’s national pipeline and storage. We also analyzed financial and operational data, conducted interviews with an enterprise-wide risk methodology and scaled our findings into an actionable, strategically aligned internal audit plan. Our SOX services created an efficient roadmap for the operational testing needed for compliance.

Outcome

By using one provider instead of two for its risk management, the oil company made the most of a limited budget. Taking an enterprise-wide look at risks helped the internal audit function create an audit plan that prioritized the risk areas most pertinent to the business as a whole and reflected the oil company’s core strategic objectives.

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CBIZ MHM is the brand name for CBIZ MHM, LLC, a national professional services company providing tax, financial advisory and consulting services to individuals, tax-exempt organizations and a wide range of publicly-traded and privately-held companies. CBIZ MHM, LLC is a fully owned subsidiary of CBIZ, Inc. (NYSE: CBZ).

Risk Management Tool Drills Down to Oil & Gas Company's Core BusinessWhat started as a SOX engagement turned into an opportunity for a oil and gas company to revamp its ERM processes....2016-11-08T15:05:00-05:00

What started as a SOX engagement turned into an opportunity for a oil and gas company to revamp its ERM processes.

Risk MitigationOil & GasRisk Advisory Services