Oil industry group unveils corporate responsibility tools
An oil and gas industry organization has developed a set of tools intended to help make the business case for Corporate Social Responsibility (CSR).
IPIECA, the oil and gas industry association’s for environmental and social issues, says they can also be used to improve internal company due diligence processes for social performance.
Risk terminology: This generic risk terminology was designed based on the outcomes of a survey of member company methodologies for enterprise risk management. The purpose is to provide a framework for how to structure the work on adverse impacts, risks and costs.
Adverse impacts chart: This chart describes the types of adverse social and human rights impacts that may lead to business risk, as well as providing examples of specific adverse impacts, and examples of relevant human rights.
Financial proof points on the costs of failing to identify and address social and human rights impacts: This tool enables companies to systematically quantify the costs of failing to identify and address adverse social and human rights impacts. Examples of prevention measures are also provided.
Social risk bowties: Bowties are a risk evaluation method used widely within the oil and gas industry. A bowtie template is provided, together with two examples of social risk bowties covering: access to water and in-migration of workforce.