Enterprise risk management: case study PTT Exploration and Production Public Company Limited

The study of this paper focuses on how PTT Exploration and Production Public Company Limited has adopted and implemented Enterprise Risk Management (ERM) to cope with business risk such as oil price volatility. The study is aimed to find out in detail about ERM execution, effectiveness, and employees’ awareness. The information was compiled through exclusive interviews with the Risk Management team, an online questionnaire survey with 100 employees, and publicly available sources, for example, the company’s One Report, website, and Low Risk High Return podcast. According to the findings, PTTEP has been formally executed ERM for over 17 years. Multiple ERM guidelines have been used and formed into the company’s ERM program. The Board of Directors and the Management team understand the significance of having the suitable ERM program. The development of the ERM program has been outstanding, with impressive track records. Various tools have been used to support ERM communication plans to employees and create an ERM culture within the company. Nonetheless, employees see that additional communication is necessary to increase their awareness of ERM. It is also required to embed the ERM program into employees’ day-to-day operations to raise effectiveness among each Business Unit.