The Preliminary Specification Part CCCXXVI (C&G Part XXIV)
We’ve made it to the fifth or Oracle pass through to the Compliance & Governance module of Preliminary Specification. It is here that we will find a substantial amount of material to add to the specification. Two things are noticeable when you read the twenty three parts of the module so far. And that is the embedded nature of the compliance functionality and the high levels of automation of the compliance process. You will notice that these are two characteristics of the Oracle compliance and governance as well. There is a large symmetry between People, Ideas & Objects and Oracle with respect to how we perceive the topic of compliance, and the innovative oil and gas producer will be the beneficiary.
We know that innovation does not arise from firms or Joint Operating Committees that have sloppy compliance and governance. Although innovation seems to be as far removed from compliance and governance. It’s companies like Apple that prove that innovation comes from firms that run a tight ship. And it is in the Compliance & Governance module that we introduce high levels of what we call “operational governance”. Ensuring that the firm stays on course and delivers on the objectives of the firm.
In the twenty three parts of the Compliance & Governance module we also discuss the centralized nature of software development and its impact on compliance. How the impact of standardization and the division of labor can be used to make compliance for all producers increase in quality through better organization. The time when each producer can have the necessary staff that knows all of the compliance requirements is quickly diminishing. The need to use specialized service providers to provide for the producers with their compliance needs is how the software will assist the producer in meeting these requirements. Having specialized service providers who are focused in only one area of compliance, and familiar with People, Ideas & Objects, and working with many producers, will reduce the costs of compliance and increase the quality of that compliance.
Oracle has many compliance and governance tools that we will discuss in the next few days. Under their Oracle Fusion Applications they have a suite called Governance, Risk and Compliance. Included in that suite are the following modules. Financial Compliance, Issue & Risk Manager, Access Controls, Transaction Controls and Configuration Controls. We will look into these modules in the next few days and get a better understanding of how they fit into the Compliance & Governance module of the Preliminary Specification.
For the industry to successfully provide for the consumers energy demands, it’s necessary to build the systems that identify and support the Joint Operating Committee. Building the Preliminary Specification is the focus of People, Ideas & Objects. Producers are encouraged to contact me in order to support our Revenue Model and begin their participation in these communities. Those individuals that are interested in joining People, Ideas & Objects can join me here and begin building the software necessary for the successful and innovative oil and gas industry.
Please note what Google+ provides us is the opportunity to prove that People, Ideas & Objects are committed to developing this community. That this is user developed software, not change that is driven from the top down. Join me on the People, Ideas & Objects Google+ Circle (private circle, accessible by members only) and begin building the community for the development of the Preliminary Specification.
The Preliminary Specification is intended to outline our general product direction. It is intended for information purposes only, and may not be incorporated into any contract. It is not a commitment to deliver any material, code, or functionality, and should not be relied upon in making purchasing decisions. The development, release, and timing of any features or functionality described for People, Ideas & Objects products remains at the sole discretion of People, Ideas & Objects.