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Tuesday November 25th 2014

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From the Obvious Dept: New study shows BP oil spill was avoidable


The risk management company Licata Risk Advisors calls the BP Gulf oil spill “the worst risk management story, and the best risk management story.”

The company believes the spill illustrates how a working risk management program could have (would have) prevented the disaster. According to Licata, BP appears to have violated all of the following:
• Government regulations
• Safety and loss control standards for the oil exploration industry
• BP’s own safety and loss control standards
• Core risk management principles

BP was given warning after warning that a disaster was brewing. The Licata report states, “Since there was apparently no risk management culture at the company, all were ignored.”

Read more.