Business

White House slams BP

White House slams BP

The explosion that triggered last year's Gulf of Mexico oil spill was an avoidable disaster that resulted from risk management failures by BP and its contractors, a presidential commission has concluded, reports The Wall Street Journal.

BP defended itself saying “the accident was the result of multiple causes, involving multiple companies."

BP added that it was working to ensure that lessons learnt led to improvements in deep-water drilling, and that it had already made changes to strengthen safety and risk management.

Bahrain steps up governance

Bahrain Prime Minister Prince Khalifa bin Salman Al Khalifa has introduced a government initiative that aims to promote good governance and crack down on fraud, says Trade Arabia.

He stresses the government's resolve to motivate departments and institutions to enhance their performance, optimise available resources and ensure accuracy of their financial data.

He says: “The government performance will undergo major changes, regarding auditing and control procedures, to track down and combat public money squandering. The initiative will also crackdown on overspending and promote strict commitment to allocated project budgets.”

BAE Systems unveils risk initiative

Governance, risk and compliance solutions provider, MetricStream, has revealed that it is building a risk-based internal audit programme for BAE Systems, states PR Log.

BAE Systems is a global defence and security company that focuses on providing solutions to the US government, including the US Department of Defence and civil agencies.

Michelle Lamberton, vice-president of Internal Audit for BAE Systems, says: "Leveraging the MetricStream technology will improve efficiencies and performance, by enabling enhanced collaboration, streamlining information gathering and creating clear visibility for our internal audit programme.”

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