Governance & Assurance Procedure
The objective of Lloyds Energy Ltd Governance and Assurance Procedure is to ensure the maximisation of value for its Customers in realising Business Opportunities.
The procedure outlines the processes and principles by which the Company will ensure proper direction, consistent management and control, application of cohesive policies, decision making and accountability through all phases of the Project development and execution. The Lloyds Energy Ltd Governance model includes the following principal elements:
An organisational and approvals structure with the authority to oversee and direct the investment opportunity or Project,
An Integrated Project Management System which maps the definition, development and implementation process and embodies Value Improvement and Risk Management,
A Project Assurance Process which includes Assurance Stage Gate Reviews (SGR) to support decision making,
IV. Project Procedures and Value Improvement Processes covering all phases of the Project up to and including commissioning, start up and stable operation.
The Governance and Assurance model is capable of recognising the varying characteristics and requirements of the wide range of diverse projects and provides the basic framework under which all such Projects will be implemented.
Where necessary, the Lloyds Energy Ltd Governance and Assurance framework can be adapted to include specific Customer requirements providing it does not compromise the overall integrity of the Company’s business and project management procedures.
Project Assurance Process
Lloyds Energy Ltd, risk based Project Assurance process is a key element of the Company’s Governance framework and includes the following primary objectives of:
Ensuring that the Project development and execution activities are executed in a controlled and assured way to a quality standard that is consistent with delivery of project objectives including HSSE, cost, schedule, quality and other agreed key performance targets,
Ensuring that Value Improvement Processes, Project Procedures, Best Practices and Lessons learned are applied consistently across all phase of the Project,
Enabling both Company and Customer business targets and expectations to be met,
Ensures compliance with Lloyds Energy Ltd corporate policies and procedures,
Providing a ’road map’ of deliverables and approvals that are required to effectively implement a business opportunity or Project.
Project assurance activities and deliverables detailed in the Project Governance and Assurance Procedure are related to all phases of a Project and form an integral part of the overall definition, development and execution.
The Assurance process includes a list of specific deliverables at each phase of the Project and forms the basis of Assurance Stage Gate Reviews (SGR’s) in support of technical, commercial and financial decision making. The timing of such Reviews is towards the end of each Project phase when all appropriate Value Processes have been implemented and key deliverables are finalised.
The classifications of findings are assessed against a Risk Matrix in terms of Importance, Potential Impact and Urgency.
Project Value Process