Utilizing 4ts method for risk management in oil/gas industry - Essay Prowess

Utilizing 4ts method for risk management in oil/gas industry

Utilizing 4ts method for risk management in oil/gas industry

Utilizing 4ts method for risk management in oil/gas industry

Introduction

Oil/gas industry is among the major sectors which are associated with high risks, especially due to the fact that the products that are offered are flammable. For this reason, the management of such an industry has to lay a lot of emphasis to the risks identification, risk mitigation and risk prevention. Risk management helps an organization to be conscious of the hazards that may occur and plan in advance about how to deal with them in case of any.

4T`s method of risk management

The 4T`s risk management entail tolerate, treat, transfer and terminate. To

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