Environmental, Social & Governance
Our commitment to ethics and compliance starts with the leadership. Our senior management leads by example, acting in the manner expected of all our employees.
Overview
Our commitment to ethics and compliance starts with the leadership. Our senior management leads by example, acting in the manner expected of all our employees. Every member of the leadership team is engaged in and supportive of the compliance programme which is embedded in the company’s day to day business practices.
YK Western Oil And Gas Compliance Philosophy
The management of the compliance risk is overseen by a global compliance team located in London, Houston and Singapore. Ensuring compliance with laws, regulations and standards is the responsibility of all our employees. We are all responsible for conducting our business in a way that meets our commitment and strengthens compliance across the organisation.
The compliance programme
The compliance programme is a key pillar underpinning YK Western Oil And Gas commitment to the highest standards of corporate responsibility and to doing business with integrity. It is designed to reflect the high standard of ethics to which YK Western Oil And Gas holds itself, the complex and multi-faceted business in which it operates and to ensure compliance with appropriate laws, regulations and international standards. The compliance programme is continuously reviewed and enhanced, alongside policies, processes and controls, to meet evolving compliance needs.
The compliance organisation
The global compliance team comprises 20 experienced professionals with expertise in regulatory and corporate compliance. In addition to these dedicated compliance professionals, YK Western Oil And Gas has implemented a programme to create 37 ‘compliance champions’ in local offices and YK Western Oil And Gas-controlled businesses that do not otherwise have a local compliance team. The compliance champions programme is designed to make compliance more accessible to all our employees, as well as articulating feedback to compliance suggestions and challenges faced by local offices. In addition, compliance liaises with, and draws additional resources from, other risk functions to ensure an integrated approach to implementing the compliance programme.
Train
Training is essential to the implementation of the compliance framework.
The compliance team is responsible for developing and implementing a global and regional training programme which covers key compliance risks and incoporates the technical, complex and ever-changing laws and regulations that govern our business. Because different roles and jurisdictions have different compliance requirements, training is tailored as required and uses online tools as well as face-to-face delivery.
Monitor
Compliance has a mandate to monitor and evaluate the programme.
This monitoring aims to identify the effectiveness of controls and reduces the risks of breaches of laws, regulations or procedures. The frequency and extent of the monitoring is risk-based. When compliance-lead reviews or internal audit detect weaknesses with the programme, the appropriate corrective action is taken.
Report
All employees are shielded by our commitment to protect whistle-blowers.
Employees are required to report any breach, or the risk of any breach, of the laws, YK Western Oil And Gas policies or procedures. We have in place a global integrity hotline. Operated by an independent third party, the hotline enables employees to raise any issues of concern with senior management, anonymously and in confidence.
Investigate
Investigation and consequence of non-compliance
Compliance, alongside the legal team, may conduct an investigation of potential breaches or areas of concern. Employees who have failed to comply with the code of conduct, policies and procedures might be subject to disciplinary action