Businesses are coping with global competition, more government regulations, higher customer expectations, tighter margins, and pressure to get products to market quickly, leaving them increasingly vulnerable to health, safety, security and environmental issues. Thus high on the energy industry’s priority list is complying with regulations and finding ways to improve their ability to predict, avoid, and manage incidents that threaten health, safety, security and the environment (HSSE). While the focus on incident management and operational risk is not new, it has been intensified by recent, widespread coverage of catastrophic events resulting in fatalities and unprecedented damage to the environment and corporate reputations.
While few in number relative to overall activity, high-profile accidents have heightened awareness of the magnitude of risk in the energy supply chain. Infrastructure concerns, including aging, maintenance and safety, further magnify those risks causing industry leaders to look for solutions to help them handle the tidal wave of regulatory reform moving across the supply chain.
As new mandates are put into law and existing regulations undergo frequent changes, the burden of incident and compliance management grows. The challenge of compliance is further compounded by a lack of agile systems, siloed information sources, and processes that are still partly, if not fully, manual. Effective incident management is also hampered by the sheer number of actions and participants requiring coordination. Competing goals among operational teams, service companies response organizations and regulatory agencies can hinder efficient resolution.
In order to mitigate stakeholders’ risk and comply with regulatory requirements, the energy industry is fortifying its operations with intelligent systems capable of revolutionizing the handling of HSSE incident management and regulatory compliance. To succeed, the industry requires a comprehensive, intelligent business solution that incorporates energy-specific best practices. It should be driven by industry standards and models, and include tools to define processes, improve reaction time, coordinate communications and reporting. It should simplify compliance, predict potential risks and deliver rapid ROI.
Pega’s Incident and Compliance Management Solutions for Energy make it possible to achieve rapid incident resolution in conjunction with rigorous regulatory compliance. The evolution of intent-driven business processes, case management, and multi-channel communications simplify the coordination of global resources. Sophisticated data analytics help to minimize risks, prevent future incidents, and reduce the cost of compliance.
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