The cost of compliance for the oil and energy industry significantly impacts the bottom line. This includes Environment, Health and Safety (EHS), and Environmental Protection Agency (EPA) regulations.
For Health, Safety and Environment (HSE) alone, global Exploration and Production (E&P) companies’ expenditure is estimated to increase by 60% between 2011 to 2030. This is mostly due to increased regulatory scrutiny.
Non-compliance has disastrous consequences with fines worth millions of dollars. For energy or oil & gas firm, time and costs are key factors contributing to growth. Hence, forward-thinking risk and compliance officers in this industry are thinking about revamping or upgrading existing contract management processes.
Oil and Energy sector companies need to manage and turn around large numbers of high-value supplier and vendor contracts. Regulatory scrutiny is increasing in EPA & EHS compliance standards and other regulations. Thus, this sector is facing challenges in trying to stay fully compliant while signing contracts in a timely and effective manner. Any missed clause or a slip in compliance has huge monetary consequences in form of large fines and penalties.
This has created a need for smart and effective contract management solutions. Some of their important functionalities include automated compliance and contractual obligations tracking, advanced analytics, and real-time contract visibility.
iContract – Enterprise Contract Management Software for Oil and Energy enables organizations to streamline all contracting processes. It also reduces risks and designs a better compliance management framework:
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