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BP RISK MANAGEMENT STRATEGY

Renee Sperring HRM/420 October 21, 2013

David Cory

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

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 as a great company that is competitively successful and a force for progress by producing energy that is affordable, secure, and doesnt damage the environment

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

BPS MANAGEMENT OF SUSTAINABILITY RISKS AND ISSUES

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

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

Improve continually strive for improvement

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

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

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 and

industry standards
Continued education on risk management and environmental

safety

FUTURE DIRECTION

Looking towards the future Develop new ways to produce


Bio fuels
Natural resources

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