The oil and gas industry is highly global, complex and volatile. From oil exploration to production to refining, from transportation to go to market, it’s also characterized by extreme reliance on worldwide outsource and use of third parties.
Oil and gas supply chains are complicated, with hundreds and thousands of suppliers and sub-contractors from all corners of the world, often in emerging markets with unfamiliar local laws and varying standards for corruption. Managing the resulting compliance and third-party risks is daunting.
Bribery and corruption remains the top legal and regulatory concern -- oil and gas companies are likely to be prosecuted under the U.S. Foreign Corrupt Practices Act (FCPA) – but it’s not the only risk.
Any third-party failure to deliver oil & gas products and services in compliance with contracts and regulations can have severe operational and financial consequences. From financial declines to performance management issues – not to mention data breaches or bankruptcies – managing your third-party risk is essential to protecting your brand, reputation and business.
Manage your oil & gas third-party risk more effectively, with Opus. We can help you:
Hiperos 3PM™: An award-winning, market-leading solution to Oil & Gas challenges
Today’s Oil & Gas companies are changing fast – transforming through digital technology like machine learning, AI and the cloud into fuel engines of the future. They’re also changing through rapid mergers and acquisitions, quickly rendering the face of traditional “big oil” unrecognizable.
But what remains is the challenge of a complex industry that operates on a global scale, driven by outsourcing. More than most, Oil & Gas is completely dependent on third-party suppliers (and their suppliers – Nth, or fourth-party) to run. From oil & gas production to transportation to go-to-market, third parties, suppliers and intermediaries are involved all the way – and they pose risks. In fact, oil and gas companies are still the most prosecuted for corruption by the FCPA – and that’s not the only risk a third party can pose.
The award-winning Hiperos 3PM platform is designed to manage the third-party management challenges of Global 2000 enterprises, including Oil & Gas leaders. They use Hiperos to address these challenges:
- Global bribery and corruption, including FCPA violation enforcement
- Inability to make financial health evaluations on suppliers and third parties, resulting in potential supply chain disruption
- Vendor/supplier risk from lack of visibility into oil & gas customers and suppliers globally
- Lack of a single view of customers and suppliers globally before & after M&A activity, resulting inaccurate data and decisions
- Information security risk resulting from third- and fourth-party access to information
- Lack of time and resources to focus on third party risk across the extended enterprise
- Inconsistent global supplier performance management standards/scorecards (e.g., Vendor Code of Conduct)
With Hiperos 3PM™ you can:
Create a single, accurate view of your third parties across multiple data sources
Collect third party data across your enterprise and answer the most important question first: who I am doing business with? Accurately identify all your third parties - then manage, assess and monitor them.
Understand your third party relationships and automatically manage and monitor them in accordance with their risks
Take a risk-based approach to your third parties and intermediaries - applying appropriate due diligence and risk assessment. We'll help you tailor your approach based on your organization's risk tolerance and model - and can even complete assessments for you.
Manage all your third party risks, from ABAC through financial health
Continuously assess, monitor and manage third parties from onboarding through risk determination, compliance requirements and performance, across even the largest oil & gas organizations. Manage your most critical risks, from anti-bribery and corruption to financial health and beyond.