Faced with unprecedented regulatory burdens, oil and gas companies have the challenge of managing their OSHA, BSEE, USCG, DOT, EPA, Conflict Minerals, NI-52109, COBIT, ISO and many other requirements effectively. They also have to face the weight of 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. Oil and gas companies are going through several structural and cultural issues internally, and many companies do not have the talent, organizational framework, systems, processes, or attitudes to be sufficiently flexible and innovative in an evolving and uncertain marketplace.
What these companies require to stay ahead of competitors, to not run afoul of government regulations and to be profitable in long run, is an integrated approach to regulatory compliance, safety and sustainability. And when it comes to helping oil and gas companies manage their assets safely, reliably, sustainably and cost effectively, one leader that makes its value proposition strong and clear is 360factors. 360factors, Inc. is a leading cloud-based Enterprise Risk and Compliance Management technology and services company that helps clients to improve business performance by reducing risk and ensuring compliance.
Helping Companies Navigate their Way
360factors helps oil and gas companies navigate their way through a changing regulatory environment, managing risk and improving performance to increase operational excellence, sustainability and margins. Their regulatory risk and compliance management solution breaks down silos and reduces costs incurred by multiple installations while minimizing the complexity for functional departments and compliance initiatives. With 30 years of rich experience of providing environmental consulting services in the areas of soil and groundwater investigation and remediation, industrial and hazardous waste management, hazardous waste facility permitting and closures, soil and groundwater investigations and remediation, petroleum storage tank investigations, and environmental site assessments, 360factors is revolutionizing the face of oil and gas industry for good.
An Answer to Governance, Risk and Compliance Challenges
Their flagship software product, Predict360 is an answer to the governance, risk and compliance challenges faced by organizations. As an enterprise regulatory risk and compliance software, Predict360 integrates regulations and requirements, policies and procedures, risks and controls, audit and inspections, employee qualifications, certifications, and training in a single cloud-based platform powered by Artificial Intelligence. Adapting to the needs of functional managers, the software can be configured to provide industry specific workflows and tools while allowing them to manage their day-to-day risk and compliance tasks to increase efficiency, agility, quality, productivity and develop a culture of excellence. Licensed as a software-as-service (SaaS), Predict360 can be purchased and deployed as either standalone module(s) or as part of an integrated risk or compliance management suite to provide industry or company-specific solutions including: Governance, Risk and Compliance (GRC), Compliance Management (CM), Enterprise & Operational Risk Management (ERM/ORM), Environmental, Health & Safety Management (EH&S), Human Compliance Management (HCM), Third-Party Risk Management (TPM/VRM) and Cyber Security Management (CSM).
A Humble Beginning
The company faced high employee turnover in the initial years as they had to spend a lot of time and money on hiring and training employees, and then after a few months they were leaving the company. Thus, to overcome this, 360factors changed their strategy and tactics with which they started looking for individuals that were not only talented but also comfortable in the ambiguity of the entrepreneurial environment. They even revised their compensation program and started rewarding employees with quarterly bonuses for achieving a certain percentage of their goals. Also, they made employee satisfaction and retention the company’s top priority. To overcome the challenge of employee turnover, they built an ideal culture. Although strategies and tactics changed due to initial struggles, their vision and mission served as a driving force behind what they wanted to accomplish.
A Highly Successful Executive Leading the Voyage
Carl McCauley, the CEO of 360factors 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.
Carl likes to use his background in software technology along with his business experiences to work with their customers in understanding their business and then figuring out ways to improve these processes, make their employees more efficient and lower their operating costs while still ensuring that they meet their business and regulatory compliance requirements.
Within the oil and gas industry, there is a tremendous variability in how companies approach their regulatory and safety compliance requirements that creates new challenges that Carl and the 360factors team helps their customers to overcome every day and which in-return provides a tremendous amount of day-to-day satisfaction for him and his team.
The Full Picture of 360factors’ Unique Keynotes
Below are some of the reasons why clients choose 360factors:
AGILE: 360factors is agile. The market is inundated with GRC and EHS projects that are frustrating and fail because they are complex, time consuming, and take months to over a year to implement. However, 360factors allow organizations to be agile by delivering Predict360 on time and on budget.
INTUITIVE: Predict360 is intuitive and easy to use. Organizations do not need to send staff through huge amounts of training and certification programs because Predict360 delivers intuitive, engaging, and easy to use solutions. This allows organizations to spend less time on low value activities and provide services to their clients that are of high value and achieves results.
VALUE: Predict360 is designed for mid-size corporations and provides a very cost-effective and affordable solution for compliance, unlike many of the other legacy solutions in the market today. With a much lower initial upfront cost, a quicker timeframe to get the solution up and running measured in weeks instead of months along with monthly or annual payment options, Predict360 is much more affordable for companies looking for an integrated solution to manage their compliance, risk and safety management needs.
ARTIFICIAL INTELLIGENCE: Predict360 incorporates artificial intelligence (AI) and natural language processing (NLP) technology into their solution to greatly help reduce the amount of time employees spend in managing constantly changing regulatory compliance requirements.
Testimonials that Complement Their Services
360factors’ clients have always appreciated the company’s services. Below are some of the testimonials from the client’s:
“The best part of the service was the excellent project management carried out by the project manager. Setting clear goals and objectives during a proof of concept helped move the project forward to meet Gravity’s requirements. Also, I’m very pleased with 360factors management and development of the product.” – Antonio “Tony” Martinez, Compliance Manager at Gravity Midstream.
“Using Predict360™, we help our clients proactively identify applicable EH&S regulatory requirements; set up compliance and training programs; produce calendars and notifications, and manage the EHS regulatory risks. These efforts translate to iterative improvements and cost savings in our clients’ EHS programs, as measured by fewer audit findings, agency violations, non-compliance incidents, safety violations, fines and lost business.” – James Westbrook, President and CEO of BlueScape Environmental.
“360factors has demonstrated innovation in GRC with its product for Regulatory Change Management.” – Michael Rasmussen, Chief GRC Pundit for GRC 20/20.
QuintessentialFactors Behind their Success
A vision, real passion, and hardworking and committed employees and a great product have been the key factors behind the company’s success. They have a rewarding culture which ensures that all employees at 360factors take complete ownership of their work and deliver all their goals with hard work and commitment. Furthermore, they communicate a lot and keep their employees continually informed. This creates a sense of ownership among employees and leads to outstanding results for the company.
Carl’s Advice to Entrepreneurs
“To build a successful company, you must have a vision and real passion around what you’re doing. You need to strongly believe that what you are planning is doable, the market needs it and you can help make it happen. In an entrepreneurial environment where risk is a big factor the absence of information results in people generally assuming the worst. Thus, it is important to ensure that you keep your workforce informed and motivated. The key for that is communicate, communicate and communicate! Build a strong, talented, hardworking and committed team that is comfortable in the ambiguity of the entrepreneurial environment to bolster your success.”
Carl is very optimistic about the future of 360factors. Their products and services are being liked by all the customers and they are keeping the level of satisfaction pretty high. “Our customer base continues to grow rapidly and we are constantly developing and innovating our products and services based on customer and market needs to stay ahead of the competition and to ensure high customer satisfaction in future as well. I believe that 360factors has a very bright and prosperous future. Also, considering the pace with which it is growing and developing, I see 360factors as the market leader in a few years,” concludes Carl on the future of 360factors.