Since then, on its own initiative, Preventor has written a report on risk acceptance criteria, which helps to clarify the entire opportunity space for regulatory approaches. Preventor's report highlights changes in framework conditions and their importance for the use of risk acceptance criteria.
Proactima's report in brief:
Proactima's report is part of the process of developing risk-informed corporate governance, including how the regulations address aspects of the premises whereby risk is incorporated more transparently and more effectively into corporate governance.
The report provides:
- A review of the current status of risk acceptance criteria (RAC) in the industry, especially in the light of regulatory design and practice.
- A review of what research says about the use of RAC and of alternative solutions and regulatory approaches.
- A description of alternative regulatory approaches, with and without adjusted use of RAC, and other approaches that are less determinative and conservative than the current ones. The report also clarifies the principles and assumptions on which these are based.
- An evaluation of the pros and cons of the alternatives.
- Conclusions and recommendations.
The report is a feasibility study, the objective of which is to influence risk management. It describes how the regulations address key premises for risk management. It looks in particular at how risk management is becoming a more transparent and effective part of managing the business.
Preventor's report in brief:
Preventor’s report is intended to supplement Proactima’s. Among other things, the report provides useful reflections on
- hanges in the framework conditions in the Norwegian petroleum industry
- alternative solutions in respect of risk acceptance criteria
- recommended prioritization of the alternatives, and suggestions for further work.