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The Energy CFO’s Guide to Robust Risk Management - Brent Ridge, Energy Northwest
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The Energy CFO’s Guide to Robust Risk Management - Brent Ridge, Energy Northwest

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Brent Ridge, a speaker at the marcus evans Energy CFO Summit 2013, on the importance of setting decision-making processes to better manage risk. …

Brent Ridge, a speaker at the marcus evans Energy CFO Summit 2013, on the importance of setting decision-making processes to better manage risk.
Interview with: Brent Ridge, Chief Financial and Risk Officer, Energy Northwest


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  • 1. The Energy CFO’s Guide to Robust Risk Management It is extremely important from an project level risks can be identified and electric and utility perspective that safe, mitigated. If this is not done correctly, reliable operations be balanced with the projects could be unsuccessful and cost-cutting strategies. In order to the reputation of the shareholders achieve this, cost-cutting must be done involved impacted. in a slow and measured way. What opportunities should energy Patience is a virtue when it comes to CFOs prepare for in the future? cost reduction. Being patient and looking for long-term sustainable The drive for capital investment is most savings, not just immediate gains. probably going to continue into the next two decades, so attention in this area What risk management strategies must be held.Interview with: Brent Ridge, Chief can you suggest in this volatileFinancial and Risk Officer, Energy environment? The industry as a whole should questionNorthwest where the next energy resource will Standardized decision-making frame- come from. In the US, natural gas and works should be developed, so that new nuclear resources seem to be theEnergy Chief Financial Officers issues related to risk can be consistently primary candidates.(CFOs) should design and develop approached. In this way, the problemsstandardized decision-making do not become about the peopleframeworks to maintain a consistent involved. The most important riskapproach to managing risk, says Brent management strategy is drivingRidge, Chief Financial and Risk Officer, judgment down the organization andEnergy Northwest. “The most importantrisk management strategy is driving not driving decisions up. Individuals at the management and supervisory levels Cost-cuttingjudgments down the organization andnot driving decisions up,” he goes on to should be educated on decision-making, so they can exercise proper judgment. must besay. In terms of regulatory uncertainty, done in aA speaker at the upcoming marcus energy CFOs can work with the frontevans Energy CFO Summit 2013, inDallas, Texas, February 25-26, Ridge line employees in order to understand their challenges and help manage risk. slow anddiscusses why robust project riskmanagement processes can protect Efforts should also be made to directly communicate with the regulators, to measuredshareholders’ value and solve the issueof aging infrastructure. get a feel for upcoming regulations. Processes can be put in place and risk way mitigated.With the increase of power rates,how can energy companies cut How can shareholder value besome of their costs? protected? Currently a large amount of renewable resources need to be backed up by baseCustomers demand reasonable utility The solution to the current problem of line resources. The fundamentalbills from a perspective of what they aging infrastructure is generally large question here is going to be whetherhave paid in the past, and this places capital projects. In this light, robust natural gas will be accepted in regionscost pressures on energy utilities due project risk management processes that are high cost, clean energyto increasing power rates. should be adequately identified so providers.
  • 2. About the Energy CFO Summit 2013 The Finance Network - marcus evans Summits group delivers This unique forum will take place at the Hotel Intercontinental, Dallas, Texas, peer-to-peer information on February 25-26, 2013. Offering much more than any conference, exhibition or trade strategic matters, professional show, this exclusive meeting will bring together esteemed industry thought leaders trends and breakthrough and solution providers to a highly focused and interactive networking event. The innovations. Summit includes presentations on cost reduction mechanisms, risk management and the impact of new energy legislation. www.energycfosummit.com Contact Please note that the Summit is a Maria Gregoriou, Journalist, marcus evans, Summits Division closed business event and the number of participants strictly Tel: + 357 22 849 400 limited. Email: press@marcusevanscy.com For more information please send an email to info@marcusevanscy.com All rights reserved. The above content may be republished or reproduced. Kindly inform us by sending an email to press@marcusevanscy.comAbout marcus evans Summitsmarcus evans Summits are high level business forums for the world’s leading decision-makers to meet, learn and discussstrategies and solutions. Held at exclusive locations around the world, these events provide attendees with a unique opportunity toindividually tailor their schedules of keynote presentations, think tanks, seminars and one-on-one business meetings.For more information, please visit: www.marcusevans.comUpcoming EventsCFO Summit - www.cfosummits.comGeneration Summit - www.generationsummit.comNational Healthcare CFO Summit - www.nhcfosummit.comTo view the web version of this interview, please click here: www.energycfosummit.com/BrentRidge