Enterprise risk management for employees performance through organizational culture within ADNOC in UAE: A proposed framework
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Abstract
Today's world is becoming increasingly uncertain, which can be a threat to any business, but also an opportunity to leverage and create new opportunities. By identifying opportunities and threats, enterprise risk management (ERM) recognises that current decisions and actions have the potential to influence the future. To address the rising cost of production, risk, environmental concerns, and a desire to perform, oil and gas companies implemented an operational excellence strategy. In recent years, incidents involving safety and health, the cost of exploration, and risks associated with ageing facilities have increased in the UAE's oil and gas industry. If the situation is not corrected, oil production, revenue, and economic performance will continue to decline, and the country's ambition to become a regional economic force and one of the world's best economies will become unrealistic. As a result of this development, this study sought to create a new framework for enterprise risk management focusing on employee performance at Abu Dhabi National Oil Company (ADNOC) in the United Arab Emirates. The study's findings demonstrate the critical role of enterprise risk management in achieving excellence in the oil and gas sector. Additionally, the research revealed a theoretical contribution to the body of knowledge regarding the implementation of enterprise risk management. Additionally, it demonstrated a tangible improvement in the oil and gas sector's operations in terms of risk management and performance in the UAE's oil and gas sector, specifically at ADNOC National Petroleum Corporation.