International Oil & Gas selects Active Risk Manager for integrated Audit Assurance

Phil Black - PII Editor 02/04/2014

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International Oil & Gas company extends its use of Active Risk Manager to combine Audit Assurance with Enterprise Risk Management

Sword Active Risk, a supplier of specialist risk management software and services, has been selected by international oil and gas company OMV Group to supply an integrated audit assurance solution. An existing user of Active Risk Manager (ARM) for enterprise risk management, the new solution, ARM 7 which was officially launched on 31 March, will replace the company’s current audit solution. ARM 7 will be used for audit assurance globally from three hubs in Vienna, Austria; Bucharest, Romania; and Istanbul, Turkey. ARM 7 was selected for its automation of audit recommendations and its full integration with enterprise risk management which will provide the organization with ‘one source of the truth’ for all audit and risk information.

SVP Ernst PETRI, CAE at OMV stated; “Sword Active Risk’s commitment to the oil and gas sector means that they are in a good position to develop this combined solution. ARM 7 will help us to streamline the management of our audit recommendations and enable us to combine risk information to support management decisions.”

Nick Scully, COO of Sword Active Risk commented; “We are delighted to be working with OMV to supply a solution for their audit requirements. For organizations looking to bring their audit and risk operations together, Sword Active Risk now has the ideal solution. Furthermore, this latest agreement within the oil and gas sector reinforces the fact that Sword Active Risk is fast becoming a market leader in this industry.”