The cost of compliance for the oil and energy industry, e.g., for the Environment, Health and Safety (EHS) and Environmental Protection Agency (EPA) regulations, majorly impacts the bottom line. For Health, safety and environment (HSE) alone, global Exploration and Production (E&P) companies’ expenditure is estimated to increase by 60% between 2011 to 2030, mostly due to the increased regulatory scrutiny. Non-compliance has disastrous consequences with fines worth millions of dollars. For an oil and gas firm, time and costs are key factors contributing to growth. Hence, agile and forward thinking risk and compliance officers are looking at revamping or upgrading existing contract management operations for their oil and energy companies.
Ultria CLM - Enterprise Contract Management Software for Oil and Energy enables organizations to streamline all contracting processes, reduce risks, and design a better compliance management framework:
- Gain increased visibility into contract clauses to keep up the compliance with environment and safety obligations.
- Manage global price variability, workforce payments and project wise deliverables across locations.
- Track data comprehensively to ensure all supporting documents are valid.
- Leverage preapproved clause and template libraries to create error-free contracts with public authorities and project partners.
- Establish standardized workflows with multiple reviewers and approvers, as required.
- Integrate contract management for your oil and energy firm with ERP systems to create an analytics driven ecosystem to improve transparency and accountability.
- Maintain audit trail for all the changes and versions related to each of the contracts.
- Access and manage contracts within a central, secure and searchable cloud-based repository.