REVIEW of the CFO Talk: "Risk management in turbulent times - the example of OMV Aktiengesellschaft".
Talk and discussion with DI Mag. Reinhard Florey (CFO of OMV Aktiengesellschaft, Vienna) at the invitation of the Corporate Finance Department (Univ. Prof. Dr. Helmut Pernsteiner) on November 10, 2022
With consolidated sales of around EUR 36 billion in fiscal year 2021 and more than 20,000 employees, OMV Aktiengesellschaft is one of the largest listed industrial companies in Austria.
Reinhard Florey addressed risk management and its decisive position in the company during the "CFO Talk". The highest priority is given to securing liquidity. The current turbulent times entail a permanent confrontation with crises. In order to make crises controllable, the approach to risk management is moving further and further away from classic target planning to scenario planning. Risks that were previously classified as virtually impossible, so-called "black swans", must now increasingly be declared as possible. Risks related to the supply chain, climate change, geopolitics, as well as cyber risks and the risk of a recession were mentioned.
How to respond to increased uncertainties or how to counteract them with financial instruments is the key question. ESG (Environmental, Social, Governance) is becoming an increasing focus in the management of risks at OMV AG, and 50 significant ESG-related risks have already been identified.
Reinhard Florey studied industrial engineering and mechanical engineering at the Graz University of Technology and obtained a master's degree at the University of Arts in Graz. Mr. Florey worked, among others, in the steel industry before he took over the task of CFO of OMV AG in 2016.
After the insights into the risk management of OMV AG, Univ. Prof. Dr. Helmut Pernsteiner introduced the discussion, in which the audience actively participated.
At the end of the successful event, Reinhard Florey, on behalf of OMV AG, invited the participants to exchange ideas over finger food and refreshments.
November 11, 2022