New BP Oil Spill Study From Licata Risk Shows How "Nightmare Well" Disaster Could Have Been Prevented by Risk Management Procedures

Marketwired

BOSTON, MA--(Marketwire -01/10/12)- Licata Risk Advisors -- http://www.LicataRisk.com -- has released a new case study on the BP oil spill disaster, pointing out both obvious and hidden details that show BP ignored its own internal risk procedures while acknowledging that the Gulf facility was considered a "nightmare well."

According to the study, authored by Frank Licata, president of Licata Risk & Insurance Advisors, Inc., "The study illustrates vividly how proper risk management would have prevented the catastrophe -- not in a 'hindsight' manner, but rather in a factual and clearly observable way."

Based on recently released government investigative reports, reports by industry, the press and academia, and BP's own investigation, the study is available at no cost directly from Licata Risk at http://www.licatarisk.com/risk_management_news_and_reports.html

Case Study Highlights At-a-Glance

BP 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

"Ironically," the report states, "about the time of the blowout BP was receiving a safety award for the project. They were able to concentrate on the likely events and prevent them (the easy part of loss control), while ignoring the less likely catastrophe... BP was given the gift of warning after warning that a disaster was brewing. Since there was apparently little management culture at the company, all were ignored."

About Licata Risk Advisors

Licata Risk is not an insurance company. We are not brokers and we do not sell insurance. This is an important distinction. There is no conflict of interest. We can work with any mid-market company from any industry, up to $700 million in revenue, whether it be: Technology, Real Estate, Manufacturing, Transportation, Medical Device, Construction/Contracting, Banking, Pharmaceutical, Government Agency, Internet-Based, or other. Every company faces risk of loss to things like data, IT and real estate from natural and man-made disasters. But all companies also face risks that are very specific to their particular industry. The following services are available: Risk Assessment, Risk Audit, RFP & Competitive Bid Process, Ongoing Risk Management.

The company is headquartered at 137 South Street, Suite 2, Boston, MA 02111-2838.
Visit www.LicataRisk.com or call 617-451-2140, x312.

Contact:
For further information contact
Steven Swartz
978-265-4934
Email Contact

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