The Bp Deepwater Horizon Disaster Essay

1031 Words Jul 5th, 2015 5 Pages
Compliance and Regulation In order to maintain expected business practices, governments enact regulations through legislation as a means of ensuring that businesses operate within expected guidelines. Some regulations are proactive, such as Bill 198 (Better known as CSOX, the Canadian version of the Sarbanes and Oxley Act) which places additional expectations on the reporting and auditing of company financials (PriceWaterhouseCoopers, 2004). Other regulations are reactive; such as bill C45 that passed after the Westray mine disaster took the lives of 26 workers. This regulation looks to hold company executives personally liable for ignoring safety protocols and conducting behavior with criminal intent in the workplace (Canadian Center for Occupational Health and Safety, 2014). Regardless of their founding, regulations can impose stiff penalties upon companies that choose not to place focus on implementing the necessary controls in place to ensure compliance to them.
The BP Deepwater Horizon Disaster On April 20, 2010, the British Petroleum (BP) leased Deepwater Horizon drilling rig took an unexpected kick of gas pressure from an oil well in the Gulf of Mexico. The release ignited, and through the failure of the blowout preventers progressed into a firestorm. The fire consumed the drilling rig platform, sinking it, causing 11 casualties, and the subsequent release of 4.9 million barrels of oil into in the gulf before the release could be contained. (British…

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