BWise, Inc

October 07, 2009 09:47 ET

Kuwait National Petroleum Company, KNPC, and KAFCO Utilize BWise for GRC Success

NEW YORK, NY and 'S-HERTOGENBOSCH, THE NETHERLANDS--(Marketwire - October 7, 2009) - BWise, the global leader in governance, risk and compliance (GRC) management software, announced today that Kuwait National Petroleum Company (KNPC) and Kuwait Aviation Fuelling Company (KAFCO), both subsidiaries of Kuwait Petroleum Corporation (KPC), have implemented and rolled out the BWise GRC solution. This new system is enabling both organizations to effectively mitigate corporate risks and ensure compliance in a highly efficient and cost effective manner. KNPC is the leading company engaged in the refining of crude oil, liquefaction of natural gas and marketing of oil and gas products. KNPC has a refining capacity of over 900,000 barrels per day. KAFCO is a specialized company in aviation fuelling operations.

The primary objective that KNPC and KAFCO wanted to realize was to create an overall and more transparent view on their risks across their respective companies. Mr. Ousama H. Shammas, Manager Functional Excellence Group at KNPC, stated, "We wanted to develop common corporate approaches, policies and processes to manage all the risks facing KNPC in the most efficient and effective manner." Mr. Basil Al-Naqi, ERM Project Leader, also stated, "BWise was selected as KNPC's solution because they can serve best in the needs we have. The advanced reporting capabilities will be utilized to maximize the business benefit for KNPC."

"With BWise we have the level of transparency we need to ensure that risks are mitigated effectively," stated Mr. Awad Al Wadani, Deputy General Manager, KAFCO. "We chose BWise because they have the proven global know-how and experience to get the job done right, with a comprehensive solution that drives compliance as well as business process improvements."

BWise was implemented in Kuwait within seven months; the roll-out included thirty four departments, 6,000 employees, covering the complete KNPC and KAFCO organizations. The implementation included the uploading of KNPC's risk register and complete end-user training. BWise consultants were able to perform the implementation this quickly because KNPC was well prepared. Together with Accenture, KNPC defined a clear project approach and objectives which enabled BWise to implement the system efficiently.

Marcel Starink, BWise Vice President of Sales EMEA, said, "BWise is honored to add KNPC to our global customer list, one of the world's leading Oil & Gas companies and KAFCO, a leading aviation fuel supplier. KNPC and KAFCO are organizations that demand superior business performance; this requires the highest quality of their internal organization, including the quality of their partners. BWise is proud to contribute to the further growth of KNPC and KAFCO and will continue to deliver value with the optimization of their ERM processes."

About BWise:

BWise is the global leader in Governance, Risk and Compliance (GRC) management software, with a strong heritage in business process management. Established in 1994, BWise delivers proven solutions to help organizations become 'in control' by increasing corporate accountability; strengthening financial, strategic and operational efficiencies; and maximizing performance and ROI.

With more than 300,000 users in more than 80 countries worldwide in virtually all markets, BWise has developed a strong and sustainable presence in the GRC industry. Utilizing templates and a best-practice implementation approach, BWise enables stakeholders to measure and manage risks and to comply with rules and legislation throughout their organization. Our customers are managing multiple risk-related and compliance initiatives such as Sarbanes-Oxley, Bill 198, Solvency II, Basel II, MiFID, PCI, GLBA, and others. BWise has offices in the Netherlands, United States, United Kingdom, and Germany.

About KNPC:

Kuwait National Petroleum Company (KNPC), part of Kuwait Petroleum Corporation (KPC), was established in October 1960 and is, since 1975, a fully state owned company. It handles the responsibility of oil refining, gas liquefaction and distribution of petroleum goods within the local market. Divided over 3 refineries, Shuaiba, Mina Al-Ahmadi and Mina Abdullah, it has a refining capacity of 900,000 barrels per day. KNPC and KAFCO are fully owned by Kuwait Petroleum Corporation (KPC).

KAFCO (Kuwait Aviation Fuelling Company) is responsible for aviation fuel supply for both jets and commercial airplanes.

KPC is a diversified energy conglomerate encompassing all aspects of the hydrocarbon industry, from onshore and offshore upstream exploration through refining, marketing, retailing, petrochemicals and marine transportation. The group is actively involved in every step of the oil and gas industry, from discovering reservoirs to delivering clean, safe fuel to the world's motor vehicles, airplanes, ships, even farms and power stations. It also provides many of the base petrochemicals so necessary to the material of the modern world. With total assets of more than 11 billion Kuwaiti Dinar (US$ 37 billion) and annual revenues of almost 9 billion Kuwaiti Dinar (US$ 28 billion), KPC is a major contributor to the revenues of the State of Kuwait.

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