3 things we can all learn from SkyCity’s compliance failures
What happened? SkyCity has been making the news for all the wrong reasons this week as word of its compliance failures following a regulator audit hit the headlines. The audit revealed problems in nine out of 10 compliance areas and failure to rectify similar issues that had been revealed by previous audits. The Department of […]
Why automating your business is a must in 2022
The future of business lies in automation. Large companies that do not embrace the automated reality of today’s systems will be left behind. This isn’t an unfounded claim. Companies fail to keep up with changes in the industry time and time again, causing them to collapse. Kodak, for example, patented the first digital camera but […]
Just like clockwork- how to make your operations run more smoothly
As businesses grow and expand their operations, the day-to-day activities are often split into different departments and functions. Logistically, this makes sense, since each department can focus their expertise on optimizing delivery of that particular activity or function. But it can lead to issues with accessibility of information if systems and data become siloed. We […]
Reducing the risk of late fines
Has your business ever received a late fine? Did it do its job, motivating you to not be late next time? In most cases, people would say that if performing an action late cost them more, it would motivate them to complete it on time. But one fascinating study published in 1998 provided evidence that […]
Tips on synchroniziong management across locations
When companies skip important groundwork, like instituting effective systems of management within their organization, they can very easily collapse inward. Companies managing teams and operations across multiple locations, jurisdictions, or countries are at the highest risk of this happening. Making sure that all the moving parts of your organization function well together is a much […]
Why accountability matters, and what to do about it
All companies want their employees to do their best work. Businesses use many motivational tactics to get their staff to work hard. Regardless of what motivational strategies are employed, accountability is vital to a team’s effectiveness and productivity. Think of oil in an engine- it keeps it running smoothly and without friction. In the same […]
Avoid these 2 mistakes in your risk assessment and management
Are you thinking about risks within your organization the right way? How should each risk be allocated resources? And how do you determine a risk’s urgency? Companies often struggle to strike a balance between managing risks and meeting stakeholders’ needs. This can feel like a tightrope walk for many companies, and of course, this balance […]
Technology’s next frontier in oil and gas? The case for “RegTech” in E&P licence management
I have been a lawyer and regulatory consultant in the oil and gas industry for over a decade. During that time, through various roles on both regulator and operator sides of the fence, I have had a bird’s eye view of how companies, large and small, manage their compliance. Interestingly, despite the huge advances in […]
Measuring the ROI and counting the real cost of compliance in the oil and gas industry
It will come as no surprise to many within highly regulated industries, such as oil and gas or finance, that the costs of compliance seems to be constantly increasing. If there is no obvious fiscal gain from investing in compliance, managers may find themselves wondering whether the potential cost of non-compliance might be worth the […]
5 ways harnessing RegTech will turn compliance from cost center to value driver
The oil and gas industry has some unique attributes that make compliance management hugely challenging. For any business in the sector, meeting this challenge and maintaining compliance over the long term adds significant costs. Reduce focus even for a short while however and, depending on the scenario, the costs of non-compliance can be immense. In […]