Preview

Bp Management

Better Essays
Open Document
Open Document
1027 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Bp Management
BP Management
Tashon Cooper
MGT/230
February 2, 2012
Paul Hennessy

BP Management
BP Management ensures that the material risks are identified and that the company runs effectively. Furthermore, BP management ensures that internal control and risk management is under control. In particular, some vital components of BP management include their recognition for the company’s yearly plan, reviews of material risks, ensuring that the chief executive adopts their approach about risks, and that the decisions made are taken in accordance through the system of delegation.
Board Monitoring Group Risks
The board annually reviews the group risks and the groups’ risks are managed as part of an annual group proposal. The board delegates which risks will be allocated to the committee while reporting to the board. The work program for the board is set on an agenda that identifies the board’s tasks and group risks. The committee receives reports about how each specific task is allocated. In particular, the audit committee manages financial risks and the SEEAC monitors all other risks that are not financial. On the other hand, the board reviews geopolitical risks. Reports are given from committees to the specific task that was allocated. In addition, the Gulf of Mexico committee specifically oversees the Gulf Coast Restoration Organization.
Under BP’s authority outline, the executive management delegates to the chief executive of the group. Executive management also has many responsibilities for delivery projects. In particular, the upstream project is a specialist group which is also known as the Global Projects Organization.
The board’s committees uses segment and organizations to review reports, this identifies the environmental and safety projects. Regular reports are received from the committees which include compliance, internal audit, safety and operational risks. The audit is very vital because it highlights management actions and the findings of the



References: Hall, A. (2010, October 12). "Executive Management.” Retrieved from http://www.bp.com/managedlistingsection.do?categoryId=9021802&contentId=7040609 Mauer, R., & Tinsley, A. M. (2010, May 8). "Gulf Oil Spill: BP has a long record of legal, ethical violations". Retrieved from http://www.mcclatchydc.com/2010/05/08/93779/bp-has-a-long-record-of-legal.html

You May Also Find These Documents Helpful

  • Good Essays

    Acc 544 Internal Control

    • 800 Words
    • 4 Pages

    The purpose of this brief report is to explain the need for the internal control system within the organization. When controls are in place with an insurance and portfolio approach. An internal control system in any organization is a way to regulate, to reduce lost, to minimize risks, and to accomplish the organizational goals and success (McCarthy, 2004). The majority of organizations depend on the insurance approach and the portfolio risk management approach. The company to manage a business risk is currently using these approaches. It is now being recommended that the company make a transition in order to capture the benefits of an internal control system. Explained below are the two types of currently used approaches, insurance and portfolio, that are used within the organization.…

    • 800 Words
    • 4 Pages
    Good Essays
  • Satisfactory Essays

    To provide on going recommendations and present an annual report on Health and Safety to the governing body…

    • 2054 Words
    • 9 Pages
    Satisfactory Essays
  • Good Essays

    Ethics Paper MGT/498

    • 852 Words
    • 4 Pages

    “BP Leak the World’s Worst Accidental Oil Spill”, The Telegraph, August 3, 2010. Retrieved from…

    • 852 Words
    • 4 Pages
    Good Essays
  • Good Essays

    Health Policy

    • 386 Words
    • 2 Pages

    The risk management committee normally directs the planning and the execution of all risk evading and management policies, processes, procedures and improvements that are related to reduction of risk activities, risk prevention, risk surveillance, unusual occurrences and risk control. (Sultz, 2006) Identification and analysis of the key risk factors by this committee normally avoids tendencies in patient injury outcomes and actually improves the health provider practice.…

    • 386 Words
    • 2 Pages
    Good Essays
  • Powerful Essays

    about the need for high limits or additional lines of coverage, serve as an effective…

    • 627 Words
    • 3 Pages
    Powerful Essays
  • Powerful Essays

    is3110 project

    • 1406 Words
    • 9 Pages

    As discussed so far in this course, risk management is an important process for all organizations. This is…

    • 1406 Words
    • 9 Pages
    Powerful Essays
  • Satisfactory Essays

    Risk management planning process is conducted to identify risks on the project, quantify and qualify the risk, and create an action plan to respond to the risk. Qualify and quantifying the risk are important processes as it is easy to say “the customers are complaining about XXX” but if there are 100 customers and only 2 complaints, then it is important to know that it is less that 2% of customers, and may not be worth the time or money to evaluate, monitor and manage the risk. Continuous control and monitoring, by placing the project team responsible for risks, will protect the organization. Not properly planning for risk can cause the…

    • 355 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    The staff of the BP Deep Water Horizon Oil Spill and Offshore drilling Commission said in a report delivered said, BP “did not have policies and systems in place to ensure that decisions made to reduce costs and improve efficiency do not increase risks or diminish safety”. The management of this company failed to do many important steps that could have prevented this disaster. According to our text on page 16 “top managers make long-term decisions about the overall direction of the organization and establish the objectives, policies, and strategies for it all”. According to an Article in the Wall Street Journal by Siabhan Hughes, “the panel’s chief counsel, Fred Bartlit, that his team had uncovered no evidence that any workers on the rig consciously made a decision to put cost cutting ahead of safety.” Page 13 of the text indicates the four principal functions of managers are to plan, organize, control, and lead. The managers of BP failed and all those core functions. They did not plan on how the cost cutting would affect the safety of their operation nor organize the proper protocol in reducing these risks. They did not monitor their choice in the price cuts efficiently or the problem may have been caught in time, and as far as leading goes well they lead incorrectly with horrible consequences. Page 81 of the text defines ethics as “the standards of right and wrong that influence behavior”, where were those ethics in choosing to ignore the safety risks involved with cutting costs in the company. Page 86 of the text…

    • 1102 Words
    • 5 Pages
    Good Essays
  • Good Essays

    To reduce the impact of workplace risks in the Biz Ops corporation we need to look at any incidents or accidents that have occurred in the past, and assess whether the changes have been effective or if any changes need to be made to the current procedures. We also need to look at the current operating procedures and into future operations to update any changes we need to incorporate and set out a plan to put these procedures in place. All activities need to be assessed prior to making any changes and risk managed throughout with regular training, monitoring, auditing and reporting processes carried out. All employees are responsible for applying risk management principles and practices in their respective work areas…

    • 361 Words
    • 2 Pages
    Good Essays
  • Good Essays

    The diagram above is showing that the in PGB, Risk Management Department (RMD) is required to report updates regularly to the PGB Management Committee (MC) and it will be further transferred to Board Audit Committee (BAC) in the form of the quarterly Enterprise Risk Report (ERR). In ERR, it mainly includes the overall PGB’s risk profile and status of risk mitigation implementation. Moreover, PGB INTERISK system will record all the updates such as risk mitigation actions, unexpected risk events and risk rating from its business. During this long process, we do find many clues in internal control statement of PGB annual report 2011 that PGB relies on many control mechanisms in its risk management to mitigate its financial risk.…

    • 2591 Words
    • 11 Pages
    Good Essays
  • Good Essays

    Dean Foods Case Study

    • 265 Words
    • 2 Pages

    The Audit Committee of the Board of Directors provides oversight of activities. Our cross-functional Issues Working Group, led by the Vice President of Corporate Communications, identifies, prioritizes and manages issues and trends related to our corporate reputation and the interests of our stakeholders. This group helps ensure that the viewpoints of various constituencies are appropriately considered, and that our corporate positions are communicated and applied consistently across the company. In addition, we have focused our Sustainability Working Group on ensuring the inclusion of sustainability metrics when appropriate. The best example is work to achieve the goals set forth in our Environmental 2013 Roadmap. We also continue to identify key performance indicators (KPIs) to diligently measure our efforts and allow our management team to monitor progress and results across the…

    • 265 Words
    • 2 Pages
    Good Essays
  • Good Essays

    Risk Management Plan

    • 409 Words
    • 2 Pages

    Lastly, update or create new policy and procedures as they relate to identified risks. Policy and procedures should be reviewed periodically and revised when necessary. Delegate tasks to staff members therefore they have a shared responsibility in keeping the risk management active and ongoing. Everyone's responsibility should be clearly stated at the beginning of delegating…

    • 409 Words
    • 2 Pages
    Good Essays
  • Good Essays

    BP ASSIGNMENT

    • 705 Words
    • 7 Pages

    About BP BP at a glance - BP at a glance BP is one of the world's leading international oil and gas companies. We provide customers with fuel for transportation, energy for heat and light, lubricants to keep engines moving, and the petrochemicals products used to make everyday items as diverse as paints, clothes and packaging Key facts Countries of operation a Around 80 Number of employees 83,900 Economic value generated by BPb $403.3 billion Replacement cost profitc $23.6 billion Operating cash flowd £21.1 billion Barrels of oil produced per daye 3.2 million Proved reservesf 17,996 million barrels of oil equivalent…

    • 705 Words
    • 7 Pages
    Good Essays
  • Better Essays

    Bpsm

    • 1436 Words
    • 6 Pages

    Space Shuttle Endeavour appears to straddle the stratosphere and mesosphere in this photo. "The orange layer is the troposphere, where all of the weather and clouds which we typically watch and experience are generated and contained. This orange layer gives way to the whitish Stratosphere and then into the Mesosphere."[1]…

    • 1436 Words
    • 6 Pages
    Better Essays
  • Powerful Essays

    BPL is completely governed and maintained by a corporate body. The chief of theorganization is the Chief Executive Officer and the total operation is divided into Marketing,Sales, Commercial, Manufacturing, Finance and Accounting, Product Planning, BusinessResearch and Development, and MIS departments each supervised by a director. Directors of thedepartments report directly to the CEO.Bearing the demands of dynamic environment in mind BPL designed its organizational structure ashighly adaptive and flexible. It is a Learning Organization that has developed the capacity tocontinuously learn, adapt and change. In BPL employees are highly trained and empowered to handlediverse job activities and problems. They have minimal formalization with narrow span of control.The…

    • 1429 Words
    • 6 Pages
    Powerful Essays