Digitise and automate policy assurance management systems with our Cloud RegTech solution.
PAM™ is Fennex’s expert-led digital transformation solution that removes complexity and ensures compliance for businesses in the energy industry.
The cost of non-compliance grows exponentially each year, resulting in millions of dollars in fines from the regulator. As such, effective company management systems are essential to the compliance process.
At the same time, audits, verification tasks and workflows are becoming increasingly time-consuming, and rely on outdated methods. Dedicated audit teams can spend 20% of their time doing actual investigations, while the other 80% is spent completing admin tasks such as filling out spreadsheets and completing reports.
By cutting time required and eliminating human-error based risk, PAM™ is a smarter way to manage compliance.
FENNEX’S PAM™ SOLUTION
Our Policy Assurance Management (PAM™) platform is an innovative cloud-based regulatory technology solution that is designed to fully automate and integrate the end-to-end internal assurance, audit, and inspection processes and workflows.
Successfully adopted by more than 55 offshore assets worldwide, the software has enabled teams to prioritise activities and optimise their policy assurance and asset integrity programs.
• Increase productivity by 40%
• Decrease errors
• Drive compliance
Using Microsoft cloud computing and data science technologies, Fennex developed the PAM™ digital solution to assist offshore drilling teams at Transocean and Noble Corporation to drive compliance using a more efficient, streamlined, and collaborative approach.
PAM™ includes complex company manuals, internal policies and procedures, regional and regulatory guidelines and processes, robust verification, risk management and regulatory assurance activities, in-line with external regulators, customers and the company QHSE management system.
By removing complexity and enhancing clarity, most complex and critical regulator verifications are executed with greater efficiency. This has been especially beneficial for rig reactivations, well control audits and high-risk operations such as HPHT and MPD drilling.
Read the Policy Assurance Management case study: developing a cloud-based digital platform that drives regulatory and policy compliance
“The data, digital reports, trends and analysis from the real-time system means we are able to improve and get ahead of issues before they become lagging indicators.” Noble Corporation HSE Director