Woodside must operate an effective management framework to maintain our licence to operate, comply with regulatory requirements and meet the expectations of joint venture participants and stakeholders.
Legislative regimes set the balance between the legal rights and interests of the people and entities they regulate. Laws protect our interests in relation to the commercialisation of natural resources; likewise our stakeholders rely on the same regimes to protect their rights and interests.
An effective legislative regime provides clarity and certainty for both our business and our stakeholders.
Regulatory compliance touches every aspect of Woodside’s business. A thorough understanding of the regulatory compliance obligations impacting our activities, and their effective management, is integral to Woodside’s ongoing work.
Our compliance process has four core elements – knowledge, planning, compliance and assessment.
• Understanding the regulatory landscape in which we operate.
• Planning to comply as part of the way we work.
• Meeting our obligations.
• Assessing our performance.
This year saw a significant strengthening of regulatory compliance management at Woodside through the addition of centralised compliance roles, and the deployment of a pan-Woodside software solution, WiRCS, to facilitate our regulatory compliance management process. Find out more.