Risk Governance Framework in the Oil and Gas Industry: Application in Iranian Gas Company

Various stakeholders with conflicting views have made the risk management process in the oil and gas industry a problematic issue. Moreover, systematic risks such as increased population in industrial areas or significant reduction in oil and gas prices have questioned the effectiveness of organizational risk management practices. Therefore, a proper framework should be applied in which the knowledge, values, and interests of different stakeholders are integrated into the risk management decision-making process. This study suggests the International Risk Governance Council's framework for the oil and gas industry. The framework is applied in the biggest Iranian gas company, and its different phases are elaborated for the case study in the oil and gas industry. Then, the elements of different phases are prioritized using a fuzzy hybrid multi-attribute decision-making method to provide valuable information for resource allocation in different elements.