Today most energy companies have very sophisticated Emergency Response plans and training, covering a multitude of incident scenarios, including but not limited to oil spills, plant explosions, and yes, even pandemics. However, regardless of incident type that preparation rarely extends to the Finance Section itself let alone up the Risk & Insurance ladder. Those missing pieces could mean that these same companies are also missing opportunities to spend less and save $$. This paper explores

more »

... practices concepts of mitigating overall incident response risks specifically with respect to ICS – Finance Section responsibilities. The information and data for Part 1 of this report has been collected through interviews, internet research, and many years of hands-on experience. Originally designed to be included in a single report a specifically designed industry survey, the completion of which was thwarted by the COVID pandemic, will be published at a later date as Part 2. Significant findings include the facts that oil spills seem to be increasingly and overwhelmingly expensive and that relatively few organizations seem to understand or analyze the potential for more favorable results that could be gained by a properly trained and functioning Finance Section. Based on these findings, the authors conclude that there are a number of low-cost measures that could be incorporated into response planning efforts to enable responsible party to realize cost savings.