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Risks in the Energy Industry

by | May 14, 2012 | PKF Texas - The Entrepreneur's Playbook®, The Energy Economy

Note: Running weekly in FromGregsHead.com, PKF Texas – Entrepreneur’s Playbook® is a continuing series of tips brought to you by Greg Price. These run Sunday evenings during the BusinessMakers Radio Show on KPRC 950AM.

Greg: This is PKF Texas and another chapter of The Entrepreneur’s Playbook. I’m Greg Price, Director of Consulting Solutions, and I’m here again with Scott Soles, a Director in our Energy Practice at PKF Texas. Scott, welcome back to The Playbook.

Scott: Greg, thanks for having me.

Greg: So, Scott, your expertise is in energy. Are there unique risk issues in the energy business?

Scott: Every second of every day, it’s the theme for most people operating in the industry.

Greg: So, Scott, given that, how do they manage this?

Scott: Well, in a number of different levels. I mean, you’ve gotta manage it at every step in the process, of course. Vendor selection would be one way, to make sure you pick the right people that you work with, and you know them well. Safety training and orientation, we talked about that once before. You’ve gotta look at a number of different ways that you, kind of, have risk management options. You can transfer some of the risk. You can retain it. You can insure for it. You can kinda get into all these different ways that you can help mitigate your risk.

Greg: Scott, it sounds like you have great insight into this whole area of risk management.

Scott: It’s a big, important topic.

Greg: All right. We’ll have you back again.

Scott: Thank you.

Greg: This has been another Thought Leader Production, brought to you by PKF Texas, The Entrepreneur’s Playbook. Tune in next week for another chapter, and remember, if you’re doing business in the energy industry, give PKF Texas a call.

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