The oil and gass industry viewsa regulatory compliance through a security-first lens to ensure ongoing protection of the energy network.

FREMONT, CA: Operating in vulnerable environments, oil and gas companies have to continuously battle with various risks arising from safety, IT security, supply chain, and regulatory non-conformance. To address these challenges, oil and gas firms need to implement an integrated, risk-based approach. Governance, Risk, and Compliance (GRC) management enable oil and gas companies to steer clear of the challenges in the varying business environments. GRC can be harnessed by organizations to mitigate enterprise-wide risks, better legal and environmental compliance, optimize audit activities, and allow collaboration in a cost-effective way.

Taking a security-first approach to compliance allows the oil and gas industry to better protect it operational and information technology environments. However, documenting continuous monitoring efforts remains a roadblock. After setting up controls to mitigate threats to the data environment, firms need to map those controls across the various regulations and frameworks. GRC solutions make collecting audit information easy, and it streamlines the workflow. Additionally, the unified control management feature of GRC solutions allows organizations to map controls across regulations to check compliance gaps exist. This mapping capability enables oil and gas firms to ensure consistency that leads to stronger audit outcomes.

The need to provide a solution that caters to various requirements, fueled by the rapid maturation of GRC processes and the increase in the focus on GRC have all been behind the evolution of GRC management systems that can easily be tailored according to a company's size, maturity, and process complexity. These solutions will support oil and gas companies to manage all aspects of GRC across the life of projects. GRC enables oil and gas firms to focus on the fundamental pain-points of compliance while eliminating the daunting task that often makes compliance a burden. This helps compliance officers more efficiently and makes organizations more effective at the ongoing mission of governance and continuous monitoring.

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