Risk Management for the Oil & Gas Sector


 “The passing of time without a process accident is not necessarily an indication that all is well and may contribute to a dangerous and growing sense of complacency”. (Baker report 2007 Re: BP oil spill)
Many of the major oil and gas disasters than have occurred in recent times can be attributed to Operational risk failures and or a bad risk and safety culture.

Operational Risk is defined as the potential loss due to inadequate or failed systems, processes, and people or from external events. The main operational risks in this industry are those related to exploration and production of oil and natural gas as well as operations and HSE.
Companies in the oil and gas industry in Trinidad and Tobago must deal with their own unique set of risks, whether natural, man-made or operational, as part of their daily operations. Risk managers therefore need to be dynamic such that they accommodate and account for adverse changes in safety or other abnormal situations that may potentially increase levels of major accident risk.
The approach that works well at an offshore installation may not be the best option for a refinery. An effective risk management system needs to offer solutions tailored not only to the industry, but also to the specific company and the sectors in which it operates.

Learning Objectives

By attending this workshop, participants will be able to:

  • Develop an understanding of the difference between a hazard and a risk
  • Identify, manage and report risks and hazards
  • Use risk registers to be predictive and anticipatory about risks
  • Enhance the risk and safety culture
  • Determine the importance of human factors in managing risks
  • Ensure that you have the right information and knowledge to control the human errors that contribute to operations risk
  • Develop an understanding of Risk based Contractor Management

Course Outline

  • Determine what is driving Operational Risks in the oil and gas industry
  • How to develop an enhanced risk and safety culture
  • Causal analysis and risk assessment of past disasters
  • Identification and management of Operational Risks
  • Determine the effectiveness of your risk register
  • Develop, communicate and maintain procedures for operational risk
  • Add Business Continuity Management to the risk framework

Target Group

Executives and managers in risk management, strategic planning, compliance; risk analysts; risk regulators; health and safety officers; or persons involved in the risk management process in this industry.

Facilitator's Bio-Sketch: Mr. Ken Hackshaw

Mr. Hackshaw returned to Trinidad and Tobago in 2008 and currently serves as Managing Director and lead consultant at KHBC Limited, a risk management consulting company. Mr. Hackshaw is a course lecturer at the Arthur Lok Jack Graduate School of Business (UWI) in Enterprise Risk Management and Operational Risk Management. He is also an adjunct Lecturer for post graduate studies at Costaatt and the Principal Consultant and Director of Studies at the recently formed Trinidad and Tobago Risk Management Institute.
His career was built over the last 23 years working in the United States and London in the field of Operational Risk Management, International Operations, and Business Process Re-engineering  An organizational change architect and Operational Risk Practitioner, Ken’s highlights include;

  • Senior Risk Analysts, Depositary Trust and Clearing Corporation, New York. Assisted in the development and implementation of Enterprise Risk Management (ERM) methodologies to track, document and report on risk trends and internal controls. Conducted risk assessments for all subsidiaries of the company. Worked closely with New York State Banking authorities, Federal Reserve Bank and Securities Exchange Commission.
  • Vice President, Deutsche Bank, worked in both the New York and London offices as Operations Manager for International Securities Processing and Settlement, Product Management and Risk Management.
  •  Vice President, Electronic Data Systems (EDS), Senior Operations Manager, Cash Management Services, Business Continuity Planning and Risk Management.
  • Assistant Vice President, Bankers Trust Company, New York, Head of International Operations and Securities Processing and Settlement.

Mr. Hackshaw holds a Bachelor of Science degree in Business Management, a Diploma in Law from the University of London and advanced training and certification in Operational Risk Management, International Securities Processing and Project Management. He also recently completed his LLB in law through the University of London.
Ken is a member of the Risk Management Association (RMA), The Institute of Risk Management (IRM) and the Global Association of Risk Professionals (GARP) in the United States and has spoken at conferences on Operational Risk Management and the use of Key Risk Indicators (KRI’s) in identifying operational risks. He is also a member of the Institute of Internal Auditors (IIA). Ken is also a part time faculty member of The International Governance and Risk Institute in the UK.


Date View Event Calendar
Time 8:30 pm – 4:30 pm
Duration 3 Days
Cost TT $4,000.00 (inclusive of training materials, refreshments and Certificate of Participation) 
Please note that prices are subject to change without notice.
Venue Arthur Lok Jack Graduate School of Business
Max Richards Drive,
Uriah Butler Highway, North West,
Mt. Hope


Tel: 645-6700
Fax: 662-1411


Kavita Seeraj Nagassar ext. 132
Anais Elias ext. 329

E-mail:  openenrolment@lokjackgsb.edu.tt


Certificates will only be issued to participants who have attained a minimum attendance rate of 75% for the duration of the course.

Course Cancellation/ Reschedule Policy

Arthur Lok Jack GSB (ALJGSB) reserves the right to cancel training at any time. If ALJGSB cancels the training due to unforeseen circumstances beyond the control of ALJGSB, you are entitled to a full refund of the course fee, or your course fee can be credited toward a future training, based upon availability (providing payments have been made before original advertised date).

ALJGSB reserves the right to reschedule training at any time. If ALJGSB reschedules training due to unforeseen circumstances beyond the control of ALJGSB, the training will take place at the next available time. Participants will be informed via phone and/or e-mails.



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