
%0 Journal Article
%A Bowden, A.R. 
%A Martin, J.H. 
%A Mitchell, J. 
%T STRATEGIC BUSINESS RISK ASSESSMENT-AN APPROACH FOR FINANCIAL CHARACTERISATION OF SOCIAL AND ENVIRONMENTAL RISKS
%J The APPEA Journal
%D 2000/06/30
%V 40
%N 1
%P 603-616
%K 
%R https://doi.org/10.1071/AJ99040
%U https://www.publish.csiro.au/paper/AJ99040 
%X Environmental and social issues are now well established within the business risk profile of petroleum companies. Community outcry in relation to events like the Brent Spar disposal controversy, and public reaction over siting and approvals of a gas pipeline in Thailand, have exposed the commercial consequences associated with public disaffection. Despite their obvious financial impact, social and environmental risks are often not adequately addressed in business risk management strategies, due to the perceived difficulty in analysing these risks in financial terms.This paper presents an innovative, systematic approach for identifying and characterising social and environmental risks in financial terms, and developing prioritised strategies for holistic business risk management. This approach has been developed and successfully employed in a wide range of applications, including comparative financial risk assessments of project options; determination of the financial risk of acquisitions; financial reporting of contingent liability; developing financial assurance bonds; and development of asset management plans. The approach has substantial application in the petroleum industry. 
