BP 2011 Annual Report Download - page 38

36 BP Annual Report and Form 20-F 2011
Our organization: How BP is changing
Following the tragic events in the Gulf of Mexico
in 2010, we initiated a wide-ranging programme
designed to enhance safety and risk management
within the group, earn back trust and restore value.
Much was achieved in 2011, but there is a great
deal more to do.
Safety and
operational risk
We are strengthening our
group-wide application
of enhanced, consistent
standards driven by our
safety and operational
risk function, which is
independent from the
business segments.
Risk management
review
We are enhancing the clarity,
consistency and quality of
the way risks are understood,
reported and acted upon,
from front-line operations
to the boardroom.
Upstream
restructuring
We restructured to create
three global divisions –
exploration, developments
and production. These
constitute the biggest
changes in BP’s upstream
business for 20 years.
Values and
behaviours
We have refreshed our
values and behaviours and
continue embedding these
into how we work together.
Individual
performance
and reward
We have aligned
performance and reward
with our values and
introduced ‘safety’ and
‘taking a long-term
perspective’ as key
indicators.
Contractor
management
We are driving consistent
global standards,
strengthening verification and
assurance, and developing
longer-term relationships
with contractors.
Technology
Through technology, we are
strengthening our capability
to manage risks, capture
business value and inform
strategy development.
Joint ventures
not operated
by BP
We initiated a review into our
approach to the management
of our relationships with
significant non-operated
joint venture operators and
partners. This work includes
safety and operational risk
as well as bribery and
corruption risk.
In detail
See Safety, page 65
In detail See Our management
of risk, page 42
In detail See Exploration and
Production, page 80
In detail
See Our values, page 32
In detail
See Our values, page 32
In detail See Working with
partners and contractors, page 69
In detail
See Technology, page 74
In detail See Our partners in joint
ventures, page 69