Challenges faced by the oil and gas industry
IsoMetrix is an integrated risk management platform that enables our customers to manage and monitor their key activities and processes, ensuring they achieve and maintain operational excellence in line with their own, and the industry’s, best practice methodologies.
While the impact of many risks cut across disciplines such as environmental, social, health, safety or quality, these disciplines are often managed in siloes, making an holistic understanding of risk indicators and consequences difficult. There is also within the industry a tendency to focus on lagging indicators rather than leading. IsoMetrix follows an “integrated risk” approach to ensure the key solutions we implement for our oil and gas customers work together to provide an innovative, best practice framework with real-time visibility and oversight.
IsoMetrix provides the oil and gas industry with specialized solutions for the management of Governance, Risk and Compliance. Offering a comprehensive suite of solutions across the enterprise, from Social Performance through to Health, Safety, Environment, Quality, Risk, Compliance and Audit, IsoMetrix is the ideal GRC tool across the full life cycle of an oil and gas project from exploration through reclamation.
Our experience in the oil and gas industry has shown that country- and site-specific factors, along with corporate methodologies and procedures, make it impossible for a standard off-the-shelf product to accommodate the needs of all companies. The need to provide software that caters to a wide range of different requirements, fueled by the rapid maturation of Governance, Risk and Compliance processes, and the increase in the focus on “the social license to operate” at board level, has been behind the evolution of IsoMetrix into an ultra-agile solution that can easily be tailored according to a company’s size, maturity, and process complexity.
IsoMetrix value drivers
Ensuring compliance against a raft of obligations, from permits and licences through to legislation in foreign jurisdictions is critical to effective risk management in the Oil and Gas industry. By providing a centralised Governance Risk and Compliance solution for Oil & Gas, IsoMetrix enables companies to closely monitor leading indicators, and to be forewarned of potential incidents.
The risk-based architecture of IsoMetrix allows risks to be assessed across all disciplines, and re-evaluated as incidents eventualize. The breadth of the solution allows Oil & Gas companies to go beyond managing EHS, including related areas such as Enterprise Risk, Compliance, Quality, Stakeholder Engagement, Resettlement, Socio-economic Development and Business Continuity Management.