Many accidents in oil industries have occurred in spite of investment in Risk Management (RM) Process because of ineffective safeguards verification & validation and improper critical RM corrective actions implementation. Risk assessment action closure based on risk severity and effective implementation of safeguard verification & validation are especially more important in low oil price regime to meet the company Operation Excellence objectives. This manuscript presents how Cabinda Gulf Oil Company Limited (CABGOC), Health, Environment and safety (HES) - Process safety team effectively re-orienting itself to address the challenges in meeting the risk reduction goals.

To implement RM process, it is required to develop and maintain the Company Risk Management database with qualified baseline RM studies and effective risk based recommendation action closure process. The article provides organized strategies to manage historical RM studies qualify for its reference and maintain the baseline studies for future revalidation as per Corporate RM processes and document the new processes for continuous improvement. It also enumerates the process of field safeguard verification & validation with information on Management of Change (MOC) and Non-Conformance Report and engagement of all stockholders for a complete process safety information understanding before carrying out the RM studies. Continual monitoring of the status of various facilities critical safeguards accredited for the RM process and improving the team competencies to meet the expectation are part of the strategy. The verification and the validation, as per corporate guidance, are being taken on all critical safeguards by field verification on condition, control status, adequacy based on MOC process or any other modification and Standard Operating Procedure (SOP) gaps in relation to effective implementation. How are these safeguards verification and validation data used in calibrating the quantitative studies input data for revalidation and study effectiveness is also explained. The strategies provide cost effective risk based RM process implementation, well managed RM database, compliance to corporate guidance and incident free operation.

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