“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.
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.
The bespoke cloud-based software is tailored to each client, and is fully integrated within their Microsoft tenant and includes automated reports and data analytics, allowing real time access to data using a transparent live dashboard and reports. The use of mobile devices (Apple iOS and Google Android OS) to access the bespoke built-in apps is a key factor in wide adoption, which allows users to work online and offline with advanced dictation and photo capabilities.
Noble Corporation – Barry Quinn HSE Director
“By implementing Fennex’s PAM™ solution, our teams have a far greater ability to execute key critical regulatory verifications and internal assurance, audits and inspections to ensure compliance, or just as important, to highlight areas of non-compliance in need of action.”
“The digital PAM™ solution has been used very successfully in ensuring regulatory compliance in some of the more challenging working environments such as UK, and Norwegian waters, but also across our global fleet for various key audits/inspections for well control systems/operations and high-risk drilling activities such as HPTH and MPD operations.”
Fennex Founder and Managing Director Adrian Brown, says: “This latest advancement with the launch of our new Policy Assurance Management technology allows for complete transparency and offers simplicity for the most complex of processes. When compared to some traditional methods that not only hinder proceedings but also ramp up costs, there is simply no comparison”
“As a company that recognises the value of technology as a vital tool for success, we are delighted to continue our long-standing partnership with Noble.
“Even whilst living through unprecedented Covid times, our technology has proved that remote working and shared platforms can hold the solutions to the many challenges that the industry faces going forward.”
While Oil & Gas companies have faced challenges to their efficiency, sustainability and profitability long before COVID-19, the severity of the challenges currently facing the industry has increased the urgency to tackle these issues. The answer is simple: the most viable response to address these systemic challenges is to accelerate digitisation strategies to maximise efficiencies and improve resilience, and regulatory technology solutions are the next logical evolution that will underpin the assets integrity management.
The Fennex team continues to explore opportunities to bring the latest cloud technologies to companies across the oil and gas sector, to accelerate their digital transformation and unlock much further efficiencies in the strive towards operational excellence.
“By combining years of industry experience with Microsoft Azure and advanced mobile technologies, the Fennex innovative, cloud-based collaboration platform PAM™ can be seamlessly integrated into any operating environment.”
Read the latest issue of the OGV Energy magazine HERE.