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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