Marathon Petroleum Corporation wins RIMS 2018 Global Enterprise Risk Management Award of Distinction
- Published: Friday, 02 November 2018 09:30
With its revamped ERM program, Marathon Petroleum Corporation (MPC) gains insights that enhance its decision-making processes and optimizes strategic initiatives. To recognize its accomplishments, RIMS, the risk management society, presented its 2018 Global Enterprise Risk Management Award of Distinction to MPC at the Society’s ERM Conference in Montreal.
Establishing value creation as the ERM program’s top priority, MPC moved away from a ‘risk-focused’ approach to an ‘objectives-focused’ one to address enterprise and strategic risks in the context of the business. With this shift in approach, the organization’s cross-functional risk committee is successfully integrating risk management throughout the organization. MPC demonstrates value-adding competencies in risk management communication, in processes for identifying gaps and opportunities, as well as in achieving greater clarity for shared, cross-departmental operational risks.
“Marathon Petroleum is pleased to be an active member of the risk management community represented by RIMS,” said Marathon Petroleum Corp. senior vice president and chief financial officer Timothy T. Griffith. “It has helped to inform our approach to ERM, which has led to a more intuitive way to present and understand the most important risks facing our company. The approach has allowed us to effectively communicate these risks to both internal and external stakeholders, better align with our internal audit organization, and create a framework that enhances our ability to identify risks impacting our strategic objectives. We appreciate RIMS recognizing our team’s work in this area.”
Honorable mentions for this year’s Global ERM Award of Distinction went to the City of Vancouver, Dallas-Fort Worth Airport (DFW) and IBM. The City of Vancouver developed an ERM program that promotes cross-enterprise collaboration and has enabled the public entity to identify new opportunities and achieve its strategic objectives. DFW’s ERM initiatives have successfully driven a risk-aware corporate culture to gain insights and results through its risk management program. IBM’s innovative ERM program continuously demonstrates its value by enabling the organization to successfully identify and manage emerging risks throughout its global operations.