In a complex industry such as oil exploration, there can be no margin for error. And if there is a failure, there had better be a very good—tested—contingency plan in place to take care of it.
This was not the case with the BP oil spill, to say the least. It's a huge disaster on every level. The failings and oversights are everywhere.
It appears that risk management and contingency planning were non existent here. Risk management, it seems exists for appearances—for the government and shareholders, basically. Because these companies are so concerned with cutting costs and making a profit, real risk management isn't being employed.
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