SWOT Analysis Of BP

After a thorough examination into BP’s numerous strategies, further analysis into the company’s strengths, weaknesses, opportunities, and threats (SWOT) provides an overall performance level regarding the outcomes of their CSR and sustainability goals. Drag and Zimnol (2014) stipulated a SWOT analysis can provide structure to the internal and external factors affecting the company’s current and future outlooks. Additionally, a SWOT analysis can generate context regarding the company’s current relationship with the environment, which can portray the ways to both reduce environmental impact and regenerate damaged communities (Drag & Zimnol, 2014). Therefore, evidence suggests that although BP displays admirable strengths capable of maintaining

Highlighted in their code of conduct, clear and concise internal regulations and expectations concerning operational safety are outlined to provide company-wide compliance (Sustainability Report, 2015). Additionally, these regulations are substantiated by the company’s three levels of verification, which are labeled as self-verification (individual site corroboration), assurance (internal risk assessment team), and audit (independent verification) (Sustainability Report, 2015). While the first two internal systems are vital to the success of the intended safety strategies, the presence of the company’s independent assessment team assures an accurate and non-biased portrayal of compliance information, which validates the company’s transparency efforts. The company’s appointment of Carl Sandlin as their Independent Expert was intended to assist in the implementation of recommendations set out by an internal investigation, which the company has completed 25 out of 26 sanctions (BP, 2012; Sustainability Report, 2015). Moreover, these developments may be a result from past allegations that BP’s auditing systems only accounted for a safety system presence and failed to assess the quality of their structures, verification of correct usage, and system efficiency (Allford & Carson, 2015). Although the cause for these developments resulted from tragic events, these internal improvements provide authenticity to the company’s transparency and create a foundation for company-wide safety compliance in both current and future business endeavors. For example, BP has successfully screened 19 potential projects for their impact on the local communities and environment (Sustainability Report, 2015). However, their ultimate success is derived on their ability