OGP/IPIECA release risk guidance framework (July 2014)

Operating management system framework to control industry risks and deliver performance.

The Oil and Gas Producers association (OGP) and IPIECA have just released an operating management system framework (OMS) for controlling risk and delivering high performance in the oil and gas industry. The OMS offers advice on defining and achieving performance goals and stakeholder benefits, while managing ‘the broad and significant range of risks inherent in the oil and gas industry.’

The 44 page worthy but wordy document advocates a ‘plan-do- check-act’ approach, ‘which has been adopted by ISO and others,’ through the application of four fundamental principles and ten structural elements that establish the OMS and its expected outcomes. A 60 page supplement, ‘OMS in Practice,’ drills down into the framework with examples of industry-specific processes and practices.

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