The Managing Director of Tema Oil Refinery Limited Mr. Edmond Kombat has officially launched an Enterprise Risk Management (ERM) framework for TOR in compliance with the Public Financial Management Act, 2016 (Act 921), Section 7(2), on 25th August 2025. He also used the occasion to inaugurate a 14-member Risk Committee with a Risk Champion to drive and achieve their objectives effectively.
In his address, the Managing Director emphasized the importance of Section 90 of Act 921, which underscores the role of the governing body of a public corporation in ensuring prudent management of resources and operational efficiency. The section mandates that: Policies, Procedures, Risk management and internal control systems, and Governance and management practices be established and maintained by state-owned enterprises in line with their objectives.
Mr. Kombat administered both the Oath of Office and the Oath of Secrecy to committee members. He reminded them of their duty to handle information responsibly, stressing that any breach of the oath would constitute a violation of the confidentiality and responsibility bestowed upon them.
The fourteen (14) member Committee, headed by its chairman, is tasked with delivering: A Risk Charter, A Risk Register, and A comprehensive Risk Policy to guide TOR’s enterprise risk management framework.
In addition, the General Manager for Health, Safety, Security and Environment (HSSE) has been appointed as the Risk Champion to the Committee, providing leadership and technical direction in embedding risk management practices across the refinery.
Enterprise Risk Management (ERM) is a comprehensive framework that helps organizations identify, assess, manage, and monitor risks across all business units in a holistic and integrated manner to align with strategic objectives. Key benefits of the ERM Framework include: Improved Decision-Making, Increased Resilience, Enhanced Value Creation and Consistent Risk Culture.
As TOR continues on its journey of revival under the theme “Transformation, Optimization & Resetting,” management is laying the foundation for sound corporate governance and best practices. Leadership remains focused, purposeful, and aligned with the President’s vision of resetting Ghana’s economy.
The appointed committee members are: Mark Quist – Chairman, Alice Appau- Secretary, Randolph Opoku- Member, Paul Galley- Member, Rita Baisie- Member, Enoch Sarfo- Member, Albert Amoako- Member, Vivian Ofori- Takyi- Member, Daniel Boakye- Member, Albert Noye- Tetteh- Member, Ernest Obeng- Member, Victor Lassey- Member, Victor Yankey- Member, and Richard Kwame Dawson- Member.
