Galp Fuels Risk Management with a Power Management Cockpit

About Galp

Galp is a Portuguese multinational energy corporation dedicated to providing energy solutions for a sustainable world. With a rich history spanning over a century, this publicly traded company employs thousands of people and operates across various sectors of the energy industry, including oil and gas exploration and production, refining, marketing, and distribution of petroleum products, and renewable energy.

The Challenge

Galp’s Risk Management Department faced a significant challenge in monitoring and managing corporate risk across its global operations. With 239 key risk indicators (KRIs) spread across five different data sources, obtaining a unified and comprehensive view of the company’s risk profile was a complex and time-consuming process. Existing reporting methods involved manual aggregation and analysis of data from disparate systems, hindering efficient risk assessment and decision-making.

The Goal

Galp sought a single, integrated solution that would provide a clear, real-time overview of its corporate risk landscape. The goal was to centralise all KRI information into an intuitive and dynamic platform, enabling efficient monitoring, analysis, and reporting. This solution would empower Galp to make more informed business decisions based on accurate and up-to-date risk assessments.

The Solution

Devoteam stepped in to address Galp’s challenge with their Power Management Cockpit (PMC) for Risk Management. This tailor-made solution was designed to aggregate and visualise Galp’s 239 KRIs from five different data sources into a single, interactive dashboard.

Why PMC?

• Centralisation: PMC provided a centralised platform for all risk-related data, eliminating the need for manual data aggregation and ensuring consistency across the organisation.
• Dynamic Visualisation: The solution presented complex risk information in a clear and intuitive manner, using rich visualisations to highlight trends and potential issues.
• Historical Comparison: PMC enabled dynamic analysis of historical data, allowing Galp to compare current risk levels with past performance and identify emerging trends.
• Real-time Updates: The system ensured that risk information was always current and readily available, facilitating proactive risk management.

The Methodology

Devoteam employed a collaborative and agile methodology to ensure the successful implementation of the PMC solution. This involved:

• Close Collaboration: Working closely with Galp’s Risk Management team to understand their specific needs and challenges.
• Iterative Development: Developing the solution in an iterative manner, with regular feedback and adjustments based on Galp’s input.
• Comprehensive Training: Providing comprehensive training and support to Galp’s team to ensure smooth adoption and utilisation of the PMC.

The Result

The implementation of Devoteam’s Power Management Cockpit transformed Galp’s risk management capabilities.

• Increased Efficiency: By centralising and automating risk reporting, Galp significantly reduced the time and effort required for risk assessment and analysis.
• Enhanced Accuracy: The PMC eliminated manual data handling, reducing the risk of errors and ensuring the accuracy of risk information.
• Improved Decision-Making: Access to real-time, comprehensive risk data empowered Galp’s leadership to make more informed and proactive decisions.

The PMC has become an indispensable tool for Galp’s Risk Management Department, providing a clear and dynamic view of the company’s risk profile and enabling more effective risk mitigation strategies.