Challenges faced by the Oil and Gas industry
The Oil and 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.
Find out how IsoMetrix can help you with your
enterprise risk and compliance needs.
Why IsoMetrix?The evolution of GRC software has strong parallels with that of ERP. 30 years ago, most companies had heavily fragmented ERP Systems: - a General Ledger from Supplier X, - a third-party Cashbook add-on, - an internal database for stock control, - spreadsheets for sales orders and - paper-based Purchase Orders. From the chaos of these separate systems arose the order of fully integrated ERP software suites. The evolution of GRC software has strong parallels with that of ERP. GRC systems are typically still fragmented; companies will have disparate electronic, spreadsheet and paper-based systems to manage quality, risk, safety, environment, business resilience, occupational health and hygiene, sustainability and many more. Fragmented systems bury important insights into the business, making effective management all but impossible. Only what is measured can be improved. By replacing unintegrated systems with a truly integrated solution, IsoMetrix introduces significant business efficiencies and provides visibility against HSE and GRC performance targets. The clarity an automated, integrated system provides drives informed decision-making. Enterprise risk disciplines are cross-functional, and focused on the impact on financial performance. Operational risk disciplines, however, are often treated separately even though they are usually inter-related. For example, a Quality incident could materialize in potentially significant impacts on Safety, Environmental, and Social. IsoMetrix consolidates modules such as loss events, non-conformances, safety and environmental incidents into an Events Module that is closely integrated with other modules such as Risk Assessment and Audit Management, promoting an understanding of the associations between different risk disciplines. So, what makes IsoMetrix such a powerful, integrated solution? All IsoMetrix applications are built using 15 basic building blocks, or controls. Like the base code of DNA, these controls can combine in an infinite number of combinations to form applications that cover all aspects of Governance, Risk and Compliance. Our customers get completely configured solutions but all use exactly the same source code, making IsoMetrix easy to support and upgrade. In addition, all data in IsoMetrix is related across all modules, producing a truly interconnected, holistic understanding of your business. Different users experience IsoMetrix differently. Andrea is a field employee who needs to Report a Hazard or an Incident. To do so, she can simply access IsoMetrix via her straightforward web interface, or via an app on her smartphone or tablet. It is quick and simple for her to enter the basic details of the incident. John – Andrea’s safety manager – is alerted about the incident via email. When he logs into IsoMetrix, he can validate the incident details and allocate the task of investigating the incident. John has configured his interface to highlight what is important to him. The personalised dashboards ensure he is able to manage by exception, focussing his attention where it is needed. Mirriam, the Director of Sustainability, interacts primarily with the system dashboards. She analyses them regularly: acting on trends, monitoring performance against targets, and keeping a close eye on leading indicators. Gone are the days of her capturing data to compile reports. With IsoMetrix, her system lives in real time. When she needs a report, she can generate one at the click of a button. As a result, Mirriam can spend more time planning and less time reacting. Data flows into IsoMetrix from multiple sources: • entry forms captured by employees, contractors and suppliers • handheld devices • smart meters • external databases such as ERP and HR systems • and the wearables, beacons and drones that make up the Internet of Things. Separate, this data is meaningless, but brought together into a cohesive whole, it provides an accurate picture of the governance health of the business, and allows the business to make better decisions based on predictive analytics. The IsoMetrix Dashboards convert all this data into information, allowing you to identify high-risk activities, areas, and processes, as well as areas for improvement. IsoMetrix helps you to make better, informed decisions. At IsoMetrix our vision is to help you do Good Business.
We have designed our world-leading, integrated risk and compliance management software for HSE and sustainability experts who know what they want. At IsoMetrix we believe in Good Business. For us, that means helping you on the journey to a sustainable future, in which we look after our planet, the people and communities we work and live with, and ensure reduced risk – building more profitable and resilient organizations. In helping our customers to do good, we also help them do well. With offices in the USA, Canada, South Africa and Australia, IsoMetrix is geared to serve you at a global and local level.
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.