How to Comply with Increasing Regulations in the Oil and Gas Industry?

The oil and gas industry now faces mounting regulatory pressures. New standards, highly publicized spill incidents, public debates on drilling practices and the general sentiment that oil and gas companies contribute greatly to environmental issues around the globe are causing the industry to contend with some of the strictest regulations in the world.

Organizations are faced with the challenge of effectively managing their 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.

As regulations continue to grow in complexity and reach, the increased enforcement and improved coordination among regulators has increased the risk of noncompliance on top of a smorgasbord of enterprise risks inherent to oil and gas companies.

The cost of noncompliance and its effect on the business require 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.

Predict360, Regulatory risk and compliance software helps oil and gas organizations navigate their way through a changing regulatory environment, manages risk and improves performance to increase operational excellence, sustainability and margins.

About the company

360factors, Inc. helps companies improve business performance by reducing risk and ensuring compliance. Predict360, its flagship software product, vertically integrates regulations and requirements, policies and procedures, risks and controls, audit and inspections, safety management systems and on-line training and qualifications, in a single cloud-based platform.

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