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How BP is changing ?
How BP is changing
In response to the Gulf of Mexico accident in 2010, we initiated a wide-
ranging programmed designed to enhance safety and risk management
within the group and earn back trust. Much has been achieved, but there is
a great deal more to do

Safety and operational risk
Our independent safety and operational risk (S&OR) function is now well
established. A team that is now close to 600 in number, S&OR sets our
company-wide requirements for safety and operational risk management
and works alongside our businesses to support and scrutinize their efforts
towards greater conformance.
What’s next? We will continue to develop our capabilities in this area and to
support our businesses as they continue the ongoing process of
conformance with our operating management system.
Risk management
We have initiated a review of our risk management system and begun
enhancing the clarity, simplicity and consistency of the way we manage
and report risks. We have standardized our reporting processes so that
businesses and functions have a consistent way of reporting risk – from
our frontline operations to the board.
What’s next? We will continue to embed the enhancements to our risk
management system through greater alignment of risk management
activities and business processes.

Upstream restructuring
We have reshaped our upstream business into three divisions –
exploration, developments and production – and centralized our drilling
wells activity into a single organization. Over the long term, we believe
these changes will help foster the development of expertise and
reinforce accountability for managing risk.
What’s next? We will continue to implement recommendations from the
internal investigation into the Deepwater Horizon accident for our drilling
operations.

Values and behaviors
Our refreshed values – safety, respect, excellence, courage and one team –
reflect the qualities and behaviors that distinguish BP at its best. Our values
are explicitly linked to our code of conduct, which reflects the behaviors that
are expected of everyone who works for BP.
What’s next? We will track progress through line manager discussions and
performance reviews.

Contractor management
We have conducted a best-practice review of 21 organizations that use
contractors in potentially high-consequence activities. The findings are
informing our contractor management approach.
What’s next? As a priority, we are reviewing contracts in our upstream
supply chain that involve potentially high-consequence activities.
Individual performance and reward
We have aligned employee performance and reward with our values and
introduced 'safety' and 'taking a long-term perspective' as key indicators of
individual performance. In annual performance conversations, staff are now
asked to set priorities on their contribution to safety, compliance and risk
management.
What’s next? We will include BP’s overall performance in determining
individuals’ bonuses.

Technology
We have established four new cross-business science networks within BP.
This is one part of our push to use technology more strategically throughout
our organization, helping us to develop the sustainable capabilities we need
to operate effectively and meet our long-term goals as a company.
What’s next? We are rolling out new formal requirements to help our
businesses be more consistent in the way they manage technology and a
new framework for technical career planning and training.
Non-operated joint ventures
We initiated a review into our approach to the management of our
relationships with significant non-operated joint venture operators and
partners. This work includes safety and operational risk, as well as bribery
and corruption risk.
What’s next? We intend to enhance the consistency of focus on BP’s
exposure to these risk areas in our processes for participating in new and
existing non-operated joint ventures.

Attestation
The information on this page forms part of the information reviewed and
reported on by Ernst & Young as part of BP's 2011 sustainability reporting.

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How bp is changing

  • 1. How BP is changing ?
  • 2. How BP is changing In response to the Gulf of Mexico accident in 2010, we initiated a wide- ranging programmed designed to enhance safety and risk management within the group and earn back trust. Much has been achieved, but there is a great deal more to do Safety and operational risk Our independent safety and operational risk (S&OR) function is now well established. A team that is now close to 600 in number, S&OR sets our company-wide requirements for safety and operational risk management and works alongside our businesses to support and scrutinize their efforts towards greater conformance. What’s next? We will continue to develop our capabilities in this area and to support our businesses as they continue the ongoing process of conformance with our operating management system.
  • 3. Risk management We have initiated a review of our risk management system and begun enhancing the clarity, simplicity and consistency of the way we manage and report risks. We have standardized our reporting processes so that businesses and functions have a consistent way of reporting risk – from our frontline operations to the board. What’s next? We will continue to embed the enhancements to our risk management system through greater alignment of risk management activities and business processes. Upstream restructuring We have reshaped our upstream business into three divisions – exploration, developments and production – and centralized our drilling wells activity into a single organization. Over the long term, we believe these changes will help foster the development of expertise and reinforce accountability for managing risk.
  • 4. What’s next? We will continue to implement recommendations from the internal investigation into the Deepwater Horizon accident for our drilling operations. Values and behaviors Our refreshed values – safety, respect, excellence, courage and one team – reflect the qualities and behaviors that distinguish BP at its best. Our values are explicitly linked to our code of conduct, which reflects the behaviors that are expected of everyone who works for BP. What’s next? We will track progress through line manager discussions and performance reviews. Contractor management We have conducted a best-practice review of 21 organizations that use contractors in potentially high-consequence activities. The findings are informing our contractor management approach. What’s next? As a priority, we are reviewing contracts in our upstream supply chain that involve potentially high-consequence activities.
  • 5. Individual performance and reward We have aligned employee performance and reward with our values and introduced 'safety' and 'taking a long-term perspective' as key indicators of individual performance. In annual performance conversations, staff are now asked to set priorities on their contribution to safety, compliance and risk management. What’s next? We will include BP’s overall performance in determining individuals’ bonuses. Technology We have established four new cross-business science networks within BP. This is one part of our push to use technology more strategically throughout our organization, helping us to develop the sustainable capabilities we need to operate effectively and meet our long-term goals as a company. What’s next? We are rolling out new formal requirements to help our businesses be more consistent in the way they manage technology and a new framework for technical career planning and training.
  • 6. Non-operated joint ventures We initiated a review into our approach to the management of our relationships with significant non-operated joint venture operators and partners. This work includes safety and operational risk, as well as bribery and corruption risk. What’s next? We intend to enhance the consistency of focus on BP’s exposure to these risk areas in our processes for participating in new and existing non-operated joint ventures. Attestation The information on this page forms part of the information reviewed and reported on by Ernst & Young as part of BP's 2011 sustainability reporting.