Risk Management of BP PLC: A Case Study

APPLE REPORT

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
RISK REVIEW................................................................................................................................1
Risk assurance of BP Plc.............................................................................................................1
Risk monitoring of BP.................................................................................................................2
RISK COMMUNICATION AND CULTURE...............................................................................3
Evaluation of clarity and effectiveness of communication risk...................................................3
CONCLUSION................................................................................................................................4
REFERENCES................................................................................................................................6

INTRODUCTION
The British Petroleum Company PLC now known as BP PLC is a MNC which deals in
oil and gas and is based in London, UK. This company is one of the top most company out of the
world seven top oil and gas major companies. This company has been operating in all the sectors
related to this market. In the total turnover it is considered to be the sixth largest company of
energy production. This company is vertically integrated and has its operation in all the oil and
gas industry which also includes exploration and production. This company also deals with
refining distribution marketing petrochemicals generation of power and also trading of these
products. BP PLC has also shown some interest in renewable energy sources such as biofuel and
wind power. The operations of this company are spread worldwide and it has operations in more
than 70 countries which a production of 3.6 million barrels per day. This company also holds a
lot of reserves with a total of 18.441 billion barrels equivalent of oil. All around the international
market this company as around 19,000 service stations.
Recently it has been seen that BP has been facing many risks. The risk is mainly due to
its lack in sustainability. The practises of this company has been harming the environment in
multiple ways. Bangor mental record of this company shows that it has been violating the rights
of global warming, dumping of hazardous substance in the environment, air pollution and also
the indigenous rights. In Colombia, it has been involved in damaging the farmland off the
Canadian oil sands. Including all these violations this company has also been the part of several
accidents. One of which was in Texas city in 2005 where are you finally exploded, in 2007 one
of its refineries release toxic substance in the atmosphere a following that in 2010 in the caption
see a chemical leak caused hazardous explosion and harmful gas leak in the oceans. Oil spills in
the ocean are considered to be very damaging for the ecosystem. This is how this company has
affected the human health in the following ways and has been facing civil and criminal suits due
to the political influence and experience in the market (Kraft and Crandall, 2019).
RISK REVIEW
Risk assurance of BP Plc
Risk assurance is the process which involves different tiers of internal process which
includes management and controlling for financial control of security and inspection for
compliance and internal audit. The incident occurred for BP PLC Was mainly due to the reason
that its operational management was very poor Ann failed to manage the risk involved. This
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