New standards, highly publicized spill incidents, public debates on drilling practices and the general sentiment that oil and gas companies contribute greatly to environmental issues around the globe are causing the industry to contend with some of the strictest regulations in the world. As regulations continue to grow in complexity and reach, the increased enforcement and improved coordination among regulators increases the risk of noncompliance on top of a smorgasbord of enterprise risks inherent to oil and gas companies.
The regulatory and reporting landscape today is particularly complex for oil and gas companies. The unpredictable nature of emerging regulations has given birth to growing industry concerns about effectively managing risks in face of changing rules and regulations. Regulatory pressures touch on every part of the business and with the growing number of laws today, the cost of noncompliance can be significant. Organizations are faced with the challenge of effectively managing OSHA, BSEE, USCG, DOT, EPA, Conflict Minerals, NI-52109, COBIT, ISO and compliance mandates such as Extractive Industries Transparency Initiative (EITI), Amendments to EU Directives, Dodd-Frank Act Section 1504, SEC Rule 13(q), SOX, FCPA and other compliance programs based on federal and state regulations.
A single oil and gas company can face multiple offshore and onshore regulations and standards – from exploration to distribution. This could impact multiple sites and various compliance departments and could get highly complex, increasing the risk factor. In order to comply with this added complexity, companies need solution that enables them to figure out which regulations apply to which facility and assets and links and fosters communication across all facilities and assets within the business in real time.
Noncompliance can result in production delays, cost overruns, unintentional loss of data, and even physical security threats to company assets as a result of malicious activity. The cost of noncompliance and its effect on the business requires oil and gas companies to rethink their approach to regulatory compliance. Companies now need tools that allow them to respond with agility to market demands while keeping them in compliance and subsequently reducing exposure to noncompliance and risk. They also need talent, organizational framework, systems, processes, and attitudes that are sufficiently flexible and innovative in an evolving and uncertain marketplace.
360factors, Inc., a leading cloud-based Enterprise Risk and Compliance Management technology and services company has been helping oil and gas companies since past several years in navigating their way through a changing regulatory environment, managing risk and improving performance to increase operational excellence, sustainability and margins. 360factors provides robust, well-managed regulatory risk and compliance program that is supported by all levels of the organization.
We work with oil and gas companies to understand their business risks and develop strategies to manage and leverage on them. Our key experts understand business operations and processes, and they use their expertise to help clients define and develop their strategies, and risk management and mitigation techniques.
We help companies to reduce operational costs and optimize business processes. We help our clients integrate their initiatives in one platform, allowing them to adopt a systematic and organized approach to their cost reduction and process improvement initiatives. Our regulatory risk and compliance management solution, powered by artificial intelligence, breaks down silos and reduces costs incurred by multiple installations, minimizing the complexity for functional departments and compliance initiatives while amplifying the overall productivity of the entire team.
About the Author
Carl McCauley is the CEO of 360factors. He is a highly successful executive with a technology background and a unique combination of sales, marketing, product management, development, operations and business experience with proven success in high-growth enterprise software companies.
Carl has some great achievements to his credit. He was working as VP of Sales at MetricStream for seven years where he took them from the startup phase to become an industry leader, growing sales at an average rate of 50% annually and becoming recognized as a Leader in Gartner’s GRC Magic Quadrant. And as SVP of Sales at Zycus, Carl helped Zycus become recognized as an industry leader in procurement source-to-pay solutions and a leader in Gartner’s Strategic Sourcing Magic Quadrant.
Carl enjoys providing solutions that help companies manage and optimize their business processes. Whether meeting their regulatory compliance requirements, managing the risks associated with their business, or interacting with their suppliers and customers, the best performing companies continuously focus on optimizing and improving the efficiency of their processes and procedures.