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BP RISK MANAGEMENT STRATEGY

Renee Sperring

HRM/420

October 21, 2013

David Cory

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INTRODUCTION

One of the Biggest Oil Companies in the World

Presence in over 80 Countries

Three Different Business Segments

Exploration and Production

Refining and Marketing

Power and Renewables

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MISSION AND VISION

The mission and vision statement at BP is based upon value

statements and a code of conduct. They want to be recognized asa great company that is competitively successful and a force for

progress by producing energy that is affordable, secure, and

doesnt damage the environment

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SITUATIONAL ANALYSIS

Past Events

2010 Oil spill in the Gulf

Current Conditions

Continue clean-up efforts in the Gulf, and restore trust

Future Forecast

Continued efforts for a cleaner safer environment

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BPSMANAGEMENT OF

SUSTAINABILITY RISKS AND ISSUES

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GOALS

Introduce new series on safety and risk management

Gain back trust

Restore the environment

Restore the economy

Build value for Shareholders with a foundation of safety and trust

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ATTAINMENT OF GOALS

Systematically manage

Comply with laws and company policy and procedure

Consult with employees, external business partners and

customers

Report on the state of the company, good or bad

Improvecontinually strive for improvement

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IMPLEMENTATION

Develop policy and procedure to encompass goals and objectives

Coordinate and cooperate with management, employees, and the

global community on set policy and procedures

Create a timeline to measure accomplishments

Hold quarterly meetings to review accomplishments and make

any necessary changes

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CONTROL

Periodic inspections of oil rigs and equipment

Ongoing training

Regularly review of internal controls which include risk

management to continually identify and manage risks

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ETHICS AND CORPORATE

RESPONSIBILITY

Adhere to code of conduct

Take responsibility for actions

Report unethical behavior through proper channels

Be in compliance by abiding by laws set by government andindustry standards

Continued education on risk management and environmentalsafety

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FUTURE DIRECTION

Looking towards the future

Develop new ways to produce

Bio fuels

Natural resources

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REFERENCES

About BP. 2012. Retrieved from

http://www.bp.com/sectionbodycopy.do?categoryId=41&contentId

=7067505&nicam=USCS_Search2011&nisrc=Google&nigrp=BP_

Brand&nipkw=BP_Phrase&niadv=bp

Corporate Governance. 2012. Retrieved from

http://www.bp.com/en/global/corporate/sustainability/bp-and-

sustainability/how-we-operate/corporate-governance.html