You can manage risks by creating an emergency plan, partnering with stakeholders to perform supply chain audits, and investing in cutting-edge technology to automate the process and reduce data redundancy.
In addition, we recommend companies diversify suppliers and understand where the risks lie. Collaborating with stakeholders, monitoring operations in real time, collecting and analyzing data, and continuous improvement are excellent ways to predict and prevent potential risks.
Regulatory compliance requires determining which rules are relevant to the energy industry. Next, identify the requirements you must comply with and conduct an initial internal audit to establish compliance policies. Moreover, provide your managers and employees with training on compliance.