In a complex industry such as oil exploration, there can be no margin for error. And if there is a failure, there had better be a very good—tested—contingency plan in place to take care of it.
This was not the case with the BP oil spill, to say the least. It's a huge disaster on every level. The failings and oversights are everywhere.
It appears that risk management and contingency planning were non existent here. Risk management, it seems exists for appearances—for the government and shareholders, basically. Because these companies are so concerned with cutting costs and making a profit, real risk management isn't being employed.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
