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ASSET INTEGRITY
IT’S TIME TO EMBRACE REGTECH New Cloud Technology Enhances Compliance and Transparency for Assets in Offshore Drilling Industry.
“A team of digital solutions specialists from Aberdeen-based company Fennex have developed a new cloud-based Policy Assurance Management (PAM™) platform, a RegTech type solution designed to fully digitise and simplify the end-to-end internal Assurance, Audit and Inspection tasks relating to Policy and Regulatory Compliance”. Efficiency is fast becoming a big mantra for operational management within the energy sector, and even more so in the field of global compliance and risk management. Yet, despite the huge advances in technology, for some efficiency is still below par. Compliance continues to be an intensely complex area to navigate, one that relies heavily on time-consuming methods with very little transparency. With the rapid expansion of new technology, Aberdeen-based company Fennex is leading the charge with the deployment of Policy Assurance Management (PAM™) platform, an innovative cloud-based regulatory technology solution designed to fully automate and
integrate the end-to-end internal policy assurance process, supporting organisations to effectively manage their regulatory and compliance requirements. Each year, non-compliance costs the oil and gas industry several millions of dollars and a variety of losses from damage to health, environment, financial balance sheets, reputation and in many cases all at the same time. In turn, these factors warrant the need for more effective company management systems that adopt a live and dynamic compliance process rather than relying on the good old trust and burdensome traditional verification methods. Forward-thinking and innovative oil and gas organisations are embracing cutting edge technology and seeing the added value generated by having instant access to accurate, real-time data. As the energy sector starts to reap the benefits of digitalisation, this systematic shift in mindset is being reinforced further by a more contemporary concept - RegTech. Regulatory Technology, or ‘RegTech’ as it has been coined, is the application of technology that ensures compliance to the relevant regulations, policies, and procedures to reduce losses for organisations. RegTech is to the energy sector what FinTech is to the finance industry, whereby digital technology is used to automate the process that guides the regulatory policy compliance within organisations. Technological advancements in the fields of Artificial Intelligence (AI), Machine Learning (ML) and Robotic Process Automation (RPA) are now playing a key role in the formation of effective regulatory compliance processes for organisations that embrace this technology to reduce value at risk.
AI
Synchronisation of data between online and offline platforms
ML
Machine Driven Analysis and Feedback to highlight areas of concern.
RPA
Removing manual tasks from the works – report generations and distributions.
Serving as a catalyst for new technology, RegTech is set to be the buzzword in 2021 as more and more companies look to stay ahead of the curve and realise the potential value at stake. Fennex launches Policy Assurance Management solution (PAM™) to strengthen global regulatory compliance for leading offshore organisations. Founded in 2016, Fennex is a digital solutions specialist which combines deep industry knowledge with its innovative and cloud-based technologies, to design, build and implement bespoke online platforms, that are capable of fully digitalising and transforming the industry’s most complex processes, and delivering substantial and tangible businesses efficiencies. Following the unwavering focus on research and product development, Fennex’s innovative PAM™ solution uses cutting-edge cloud computing-including AI and ML applications and RPA, and has been deployed globally for some of the world’s largest oil and gas drilling contractors such, Noble Holding Corporation plc. (Noble Drilling) and Transocean.
Fennex launches Policy Assurance Management solution (PAM™) to strengthen global regulatory compliance for leading offshore organisations.
www.ogv.energy I June 2021
Our vision is to harness the latest cloud computing innovations, tailoring them to agile, cost effective solutions that make a significant difference in driving measurable business value for our partners. For more information visit www.fennex.net
