Create EHS sustainability through efficient Operational Risk Management.

Operational Risk Management

The Challenges

  • Oil and gas industries are undergoing a sea of change and face an environment marked by growing consolidation, rising customer expectations, increasing regulatory requirements, proliferating financial engineering, uprising technological innovation and mounting competition. This has increased the probability of failure or mistakes from the operations point of view – resulting in increased focus on managing operational risks.
  • Operational risk losses have often been in the billions of dollars in recent years.
  • The regulators of oil and gas companies are demanding a far greater level of insight and awareness by directors about the operational, enterprise and regulatory risks they manage, and the effectiveness of the controls they have in place to reduce or mitigate these risks.

Operational Risk Management

Our Solution

360factors provides a regulatory risk and compliance management software platform and advisory services for functions and regulations such as risk management, SEMS, PSM, Asset Integrity, Operational Risk and Quality Management through an effective regulatory risk and change management model and methodology.

We offer two unique solutions:

Option 1

Managed Services

In managed services, you pay a flat fee to license the software along with our services, enabling your organization to document and assess operational risks, define controls, manage audits, and implement recommendations and remediation plans.

Option 2

You can secure advisory services on a short and long term project basis to ensure that all operational risk management initiatives are sustainable and that processes are aligned with the corporate strategy, not on unrelated tactical projects.

Our experts follow a consistent Regulatory Risk and Compliance Management methodology.

  • Regulations drive the “Why” – why does an organization need to comply?
  • Once we understand the “why”, that leads to the “What” – what are the controls and what are the risk levels?
  • Once we identify the risk levels, this helps us prioritize which risks need to be addressed, leading us to the “How”.

Regulatory Change Management Methodology

  • The “How” entails defining a clear end-to-end process on how to mitigate risk and achieve compliance.
  • Once the process is defined, the next step is to identify the point of compliance which is the “Where” – typically a branch office.
  • Once the point of compliance is defined, the last step in the process is to identify the “Who” – who is responsible and who is accountable for actions and approvals?

Our Software

Our advisers and experts use Predict360, a regulatory risk and compliance software to streamline advisory services as a competitive differentiator. It vertically integrates all modules which allows organizations to manage their compliance programs based on federal and state regulations through a single platform.

  • Delivers value through strategic approach to operational excellence through streamlining and automating business processes and workflows; an integrated and risk-based approach to improve overall operational excellence.
  • Automates your operational risk management, reduces the time needed to address the problems and gets rid of overlapping costs from people and multiple tools.
  • Automates the management of your regulatory compliance programs and processes for consistency and to ensure compliance with multiple regulatory jurisdictions.
  • Implements Operational Excellence Methodology that will impact your culture in a positive way by breaking down silos and mapping regulations to risks process, people and assets.