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Third-party risk
Due diligence for oil and gas companies
Access third-party risk management solutions to efficiently source, onboard and manage new suppliers, vendors and distributors in the oil and gas industry, while meeting global regulations and safeguarding your company's reputation.
It is imperative to continually assess and reduce all potential risks associated with your suppliers, distributors and partners, and consistently keep track of any changes to their status.
The extractives industry - which includes oil, gas and mining companies - operates through a complex global supply chain and distribution network that involves domestic and international transport, trading, shipping, ordering, and inventory visibility and control.
Due to its large third-party networks that span regions with varying laws, oil and gas companies are highly regulated and need to have a robust due diligence programme to manage and mitigate risks.
A poor third-party risk management programme can expose companies in the extractives industry to a number of operational, integrity and ESG risks. This can potentially lead to enforcement actions and reputational damage.
57% of companies working in the energy sector felt that third-party business decisions often disregard important risks.
What is due diligence for oil and gas companies?
The oil, gas and mining companies in the extractives industry operate in a global supply chain and a complex web of international relationships. Suppliers such as domestic and international transport and service providers are often located in jurisdictions affected by political instability, high levels of corruption and environmental risk. Oil and gas companies must always remain vigilant of heightened risk when entering specific markets and establishing relationships in new territories.
From exploration and production, to refining and marketing in the extractives industry, a thorough knowledge of risk in business relationships is essential. To mitigate reputational damage, loss of export licences and potential litigation under anti-corruption legislation, supply chain and distribution networks must be aware of their third parties and how their products are being used.
Our solution
Protect your business from reputational damage and financial loss
Through our solutions, oil and gas companies can identify, manage and mitigate risks in their business relationships with freight forwarding companies, clearing agents, construction companies, local representatives, vendors and other third parties.
Screen your third parties
Screen for high-risk individuals and entities globally with Refinitiv World-Check Risk Intelligence database. This consists of millions of profiles that will help you uncover hidden risks in business relationships. Identify sanctioned entities and individuals in the extractives industry. With adverse media screening, your company can uncover risks indicating a third-party’s potential involvement in alleged criminal activity that could lead to financial, reputational or other types of risks.
Receive ratings, insights & analysis
Get detailed background checks and analysis of companies and individuals based on your specific interests and risks with Refinitiv Due Diligence Reports. Our reports deliver accurate risk ratings, so you can make informed decisions when engaging with third parties in the extractives industry – from freight forwarding companies and clearing agents to construction companies and local vendors. Contact us to get a free sample report.
Access our technology platform
Centralise your third-party risk management processes using Refinitiv Due Diligence Centre. This technology platform will help your extractives company to guide stakeholders throughout the lifecycle of third-party relationships – including initial assessment, onboarding, ongoing monitoring, renewal or end of life.
Partner with us for support
Use our third-party onboarding programmes and managed screening services. Our teams manage your programme through our proprietary technology platform Refinitiv Due Diligence Centre, creating more efficiency for your oil, gas or mining business.
Benefits
Why we are trusted worldwide
Uncover background, reputation, ethics and political connections of your third parties to protect your oil and gas company’s reputation while avoiding fines and other risks.
Understand location-based risk when conducting business in unfamiliar jurisdictions and emerging markets, using our intelligence network, covering 217 countries combined with our extensive language capabilities to provide truly global coverage enriched with local knowledge.
Manage and mitigate your regulatory risk by leveraging our industry-trusted and reliable screening and due diligence insights from our team of research specialists, underpinned with industry leading World-Check Risk Intelligence data, accredited with ISAE 3000 certification.
Resources
Learn more with our due diligence resources for oil and gas companies
Our specialists will tailor a third-party risk management solution to help solve your specific needs whether you work in oil, gas or mining companies.
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