Oil & Gas Monitor features a regular column by Palisade's Rafael Hartke. The March column is titled "Practical Challenges of Implementing Risk Analysis in Oil Companies."

"Oil companies face a number of practical challenges when moving forward with deterministic (static, non-risk) analyses and implementing risk analysis within their decision-making process. Utilizing risk analysis during a project design and development—as opposed to after the project has already been decided—can add exceptional value to a project. In fact, it is easy to think of risk mitigation strategies that might transform a perceived high-risk project into a more acceptable one.

"However, before risk analysis begins, organizations must consider a number of challenges that could impede an accurate risk forecast. Some of these challenges include the organizational context of the company, the ability to build models and the decision maker’s risk profile."

» Read "Practical Challenges of Implementing Risk Analysis in Oil Companies" in Oil & Gas Monitor.

Rafael Hartke is an Oil and Energy Industry Consultant at Palisade Corporation, where he assists in the development and strategy of quantitative risk analysis methods geared towards the energy industry. He also served as a Financial Engineer in Risk Management at Brazilian-based energy corporation, Petrobras, where he created risk models for complex investment projects and assessed project risks for medium and large projects, including Brazilian Pre-Salt giant fields, projects in the Gulf of Mexico, and offshore infrastructure projects. Palisade Corporation is the provider of the world’s leading risk and decision analysis software, @RISK and the DecisionTools Suite.