Challenges faced by the Oil and Gas industry
The Oil & Gas industry requires comprehensive risk management strategies. Beyond the trading risks of oil price fluctuations, exchange rate variations and governmental policy changes, the industry has to contend with potential environmental impacts, and significant safety and health risks to employees and contractors. In addition, managing social risk has become a key focus area, lest the operation lose its social licence to operate. While the impact of many risks cuts across disciplines such as environmental, health, safety or social, 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 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 & 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.