BP has established a new risk management unit responsible for company-wide safety. The unit is to be vested with “sweeping powers” with full authority to enforce safety standards. Mark Bly, the executive who led BP’s internal investigation into the Deepwater Horizon oil spill, will lead this new unit. He will report directly to Bob Dudley, who succeeds Tony Hayward as chief executive officer on October 1. BP is immediately putting into effect a corporate reorganization, which includes embedding safety in its operations worldwide. In connection with that reorganization, the company will examine how it manages its third-party contractors and how to align its compensation strategy to reward improved safety practices. No doubt the Gulf Coast residents will be watching with great interest as the oil industry, upon which their local economy is dependent, must rebuild confidence in its practices before the moratorium on offshore drilling will be lifted.