LinkedIn Event: How Should Credit Union & Bank CROs Innovate in 2023? | Request Demo

Regulatory Risk and Compliance for Oil and Gas Companies

Posted by: Sarah Hamilton

Home/ Blog / Regulatory Risk and Compliance for 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.

Let see how we can help you in Managing Risks – Both Known and Unknown

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.

We can tell you Why Flexibility is Needed to Face Banking Regulations in 2019

Oil and gas companies due to the risk of noncompliance can face 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 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.

Go in more depth Bringing Quantitative Risk Analysis to Enterprise Risk Management

Oil and gas companies operate with disparate infrastructure in isolated locations around the world including offshore oil rigs. This requires a solution that allows companies to link and foster communication across all facilities and assets within the business in real time. With constantly changing regulations, oil and gas companies are subject to a variety of rules that differ according to the region and type of assets. To comply with this added complexity, companies need solution that enables them to figure out which regulations apply to which facility and assets. Effective compliance demands that companies need to stay updated on the latest regulations, including those specific to each region in which they operate.

Check out 5 Benefits of Effective Compliance Management Solutions

Predict360, Enterprise Risk Management Software 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. The 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.

Request a Demo

Request a Demo

Complete the form below and our business team will be in touch to schedule a product demo.

By clicking ‘SUBMIT’ you agree to our Privacy Policy.

Stay Informed About Upcoming Webinars & Events!