It's Time To Take Loss Control Seriously

In an environmentally risky business such as oil drilling, there can be little margin for error. And if there is a catastrophic failure, there had better be a very good–and tested–contingency plan in place. Yet with the BP oil spill, it appears that risk management and contingency planning were non-existent.

In fact, I’d bet these companies spend way more on lobbying against government intervention than on their risk management and loss control programs. And speaking of the government, where was the oversight?