ISN Participates in 2014 IRMI Energy Conference
Representatives from ISN participated in a panel of subject matter experts discussing the elements of best-in-class contractor management at the 2014 International Risk Management Institute (IRMI) Energy Conference last week. The conference was held in Houston, Texas, with nearly 400 risk managers, legal professionals and insurance experts in attendance. Oil and gas owner/operators, drilling contractors and well servicing contractors joined representatives from several insurance industry leaders to discuss best practices in managing and insuring the risks of oil and gas exploration and operations.
Insurance and risk management experts from ISN discussed best practices in contractor management, including the importance of the effective measurement of safety performance indicators and the benefits of a comprehensive risk-ranking process.
Dag Yemenu, Vice President at ISN, spoke to the importance of accurate metrics in assigning and mitigating risk to third-party workers. “It is important to go beyond the traditional OSHA safety numbers in order to determine if a contractor has a proactive safety culture,” said Yemenu. “IRMI is to be commended for providing a forum which allowed for a thorough discussion of leading and lagging performance indicators that give valuable insight to a contractor’s safety standards.”
A key point in the best practices discussed by ISN was the importance of designing contractor management systems that enable owner/operators to go beyond the traditional contractor pre-qualification and management model by adding value for their contractors through transparency, a level field of healthy competition, efficient processes and rewards for good performance. ISN also discussed what owner/operators should look for when procuring a contractor management service provider and answered questions raised by attendees.
“We were pleased to contribute best practices we have learned about specific risks and insurance requirements associated with contractor management in the oil and gas sector,” said Brett Parker, CPCU, CIC, CRIS, ARe, Senior Project Lead at ISN. “There are simple ways to maintain compliance with insurance requirements, such as staying proactive with coverage expirations and ensuring all stakeholders are clear on requirements.”
Attendees at the IRMI Energy Risk and Insurance Conference were given the opportunity to participate in more than 20 sessions and workshops in all. Handouts from these sessions are now available at no cost on IRMI.com.
“Many unique risks are inherent in exploring for, extracting, and transporting oil, gas, and other hydrocarbons, and there is a great need in the industry for a forum where best practices for managing and insuring them can be shared,” said IRMI President and CEO Jack Gibson.
ISN will be participating in several high-profile conferences in the upcoming months, including the June Institution of Occupational Safety and Health (IOSH) conference in London and the Society of Petroleum Engineers Middle East Health, Safety, Environment & Sustainable Development Conference & Exhibition in Qatar this September.
To learn more about Best-In-Class Contractor Management, request a copy of ISN’s white paper here.