In the oil and gas industry, conditions are constantly changing, so the process for managing supply chain risk needs to accommodate that sort of change.
Whether you are building oil exploration, production or refining facilities, operating existing ones, or getting oil and gas products to market, your supply chain is large and complex and can involve hundreds – or thousands - of suppliers and sub-contractors from all corners of the world. Bribery and corruption continues to be the top legal and regulatory concern for companies in the oil and gas industry: oil and gas companies continue to be the most likely to be prosecuted under the US Foreign Corrupt Practices Act. However, while these regulatory violations may be the most high profile, they are not the only risk created by suppliers.
Given the reliance by the oil and gas industry on third party suppliers, they are an integral part of the supply and value chains that they support. Failure by third parties, for whatever reason, to deliver products and services in compliance with contracts and regulations, can have severe operational and financial consequences.
Hiperos Offerings for the Oil and Gas Sector
Hiperos 3PM for Oil and Gas provides a framework to manage your third parties and delivers an overall 360 degree view of your third parties and their regulatory, compliance and operational risk to your business.
Hiperos 3PM for Oil and Gas includes modules designed to help you manage your third parties and address specific regulations including:
- Anti-bribery Anti-corruption (FCPA)
Third Party Compliance Management
Hiperos 3PM for Oil and Gas includes "out-of-the-box" modules to ensure continuous assessment and monitoring of your third parties:
- 3PM Training
- 3PM Incident Management
- Quality and Safety Management
- Vendor Code of Conduct
Third Party Operational Management
Managing risk in your supply chain is critical for any organization. Supply chains are the lifeblood of your business. Hiperos can help you manage your third parties to optimize their value and reduce their risk to your supply chain with the following initiatives:
Third Party Policy Management
Your supply chain is an extension of your organization and needs to adhere not only to the increased regulations in the industry, but your own organization’s policies and procedures with regards to those regulations. Hiperos Oil and Gas can assist in the following areas: