Statutory, Legal and Compliance Requirements for the Oil and Gas Industry
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Statutory, Legal and Compliance Requirements for the Oil and Gas Industry Course
Introduction:
This training is designed from a legal compliance practitioner’s perspective and it provides a comprehensive overview of the oil and gas statutory and regulatory environment, the role of compliance professionals, their functions and position within the regulatory regime, and their relationship with the business and other stakeholders.
This training seminar will highlight:
- The statutory and regulatory environment in the oil and gas business
- The role and powers of the authorities (from an international perspective)
- The style and features of regulation of oil and gas business
- The role and responsibilities of the compliance function within oil and gas practice
- The issues to be considered in developing compliance policies and procedures
- A variety of core pieces of legislation which are relevant to the compliance function
- Best practice risk management techniques
- Key risk areas
Course Objectives:
This training course will enhance your ability to identify and determine the statutory, legal, and compliance requirements within your organization. It will boost your skills in ensuring that work activities adhere to and are compliant with legal frameworks while seeking to provide an environment that minimizes the risk to all who operate within it.
At the end of this training course, you will learn to:
- The role and responsibilities of the compliance function within oil and gas practice, including the designated Compliance Officer roles, and the skills needed to successfully discharge these
- The issues to be considered in developing compliance policies and procedures
- A variety of core pieces of legislation which are relevant to the compliance function
- Key risk areas, including money laundering, cybercrime, bribery and corruption, data protection loss, and financial services regulation
- Best practice risk management techniques
Who Should Attend?
This training program is specifically designed for anyone in a compliance or risk management role within the oil and gas industry. Employees with management responsibility for compliance and any individual who wishes to learn fundamental compliance principles and how oil and gas businesses should be compliant.
This training program is suitable for a wide range of professionals but will greatly benefit:
- Compliance Officers and Employees
- Risk Managers
- Compliance Managers, Associates, and Analysts
- Contract Executives and Managers
- Staff whose job role includes legal compliance responsibilities
Course Outlines:
Understanding Risk, Statutory, Legal, and Regulatory Compliance
- What is effective legal and regulatory compliance?
- Conduct of oil and gas business
- Prudential compliance
- What are the objectives of compliance?
- What is integrity in the eyes of the regulator?
- Managing regulatory compliance in a dynamic environment
Regulators and their Power
- The role of the regulator
- Regulatory models
- Enforcement
- Regulatory rules
- The framework of a regulator
- The potential liability of regulators
Understanding the Legal and Regulatory Environment
- The need for, and objectives of law and regulation
- Sources of law and regulation
- Prevention of money laundering and financial crime
- Understanding money laundering offenses
- Designing an effective reporting system
- Terrorist financing
- The USA PATRIOT Act and US extraterritoriality
- Money laundering and tax evasion
- Financial crime
- Preventing fraud
- Corruption
- Market manipulation/misleading statements, insider dealing, and market abuse
Industry Knowledge and Awareness
- Oil and gas business background
- Codes of corporate governance
- Regulatory principles
- Overview of commercial laws and mechanisms governing legal persons and arrangements
- Regulators
- Products and services
The Role of the Compliance Officer
- Compliance structure
- The role of the Compliance Officer
- Key compliance activities and processes
- Risk-based compliance monitoring
- Investigating compliance breaches
- Training
Compliance in Practice
- Compliance governance
- Internal and external relationships
- Links between compliance, culture, and ethics
- Specific internal compliance control issues
- Risk management
Key compliance issues
- Practical considerations
- Compliance oversight and internal controls
Legislation of Relevance to the Compliance Function: Risk Management
- Understanding where disputes are most likely to arise
- Understanding regulatory risk
