Smart Innovators: Operational Risk Management Software

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Executive Summary

This report provides operations, production and safety managers with a high-level assessment of the emerging category of operational risk management (ORM) software. Lost revenues, regulatory fines and costly reputational damage caused by accidents and shutdowns has resulted in Board-level risk committees looking for better risk controls at the operational level. The combination of enterprise-class ORM software, dynamic digital twin models, internet-connected equipment and graph databases provides the solution. To help operations managers identify potential vendors this report compares 22 ORM software providers, identifies each vendor’s strengths and weaknesses and charts the future course of an ORM reference architecture. Vendors are converging on the market with different product strategies and at present buyers will not find a single ORM software application that meets all usage scenarios globally. The next generation of ORM solutions will be built on a product architecture which permits the rapid creation of asset-level risk models.

Table of contents

Smart Innovators: Operational Risk Management Software
Operational Risk Management Is Moving Up The Corporate Agenda
Recent Innovations Position Technology As A Valuable Support For Operational Risk Management

Introducing The Operational Risk Management Software Market
Vendors Converge On The Operational Risk Opportunity From Different Directions
Operational Risk Management Software Has Nine Primary Capabilities 
Buyers Will Struggle To Find A Single Vendor With A Globally-Applicable ORM Application

Product Architecture Innovations Will Determine Which Vendors Win

Table of figures

Figure 1. Innovations Increase The Potential Of Technology For Operational Risk 
Figure 2. Vendors Converge On Operational Risk Management With Different Capabilities
Figure 3. Vendors Anticipate Double Digit Growth In ORM Software Sales
Figure 4. Operational Risk Management Software Capabilities Assessment 

Organisations mentioned

3M, ABS Group, Accenture, Across Safety Development, Adapt IT, AgensGraph, Airsweb, Aker Solutions, Amazon, AON, Aquamatix, ArangoDB, ASK-EHS, AssessNet, AssurX, BASF, Bayer, Beakon, BHP Billiton, BMW, Boeing, Bumi Armada, Business Safety Systems, Centrica, CGE Risk Solutions, Cority, Credosoft, Cresent, DAQRI, Dassault Systèmes, Deloitte, DNV GL, Dräger, Duke Energy, E2G RBI, ecom instruments, Enablon, Engica, EtQ, eVision, EY, GE, GEMsoft7, GS Caltex, HANDS HQ, Hess, Honeywell, IBM, Ideagen, IFS, Infor, Intelex, ioMosaic, iPoint-Systems, iProcess, IQ Integrity, IsoMetrix, j5 International, Kanepi, Lloyd’s Register, Lufthansa, Maersk, Mangan Software Solutions, Metegrity, MetricStream, Microsoft, Mitratech, Modjoul, Neo4j, NiSoft, OMEGA, Operational Sustainability, Optial, Oracle, Origami Risk, Petrotechnics, PTC, RAP International, Realwear, Resolver, Riskonnect, RiskPoynt, Rolls-Royce, SAI Global, Samarco, SAP, Schneider Electric, Siemens, SoCalGas, Sphera, Statoil, TapRooT, TenForce, TIBCO Software, Total, UK Metropolitan Police, UL EHSS, US Bureau of Labor Statistics, US Environmental Protection Agency, US Oil & Refining Co, US OSHA, Vale, VelocityEHS, VisiumKMS

About the author

Divina Li

Analyst

Divina is an Analyst on the Environment, Health and Safety practice group. Her current research agenda includes software innovations to support operational risk management as it relates to physical assets. Prior to joining Verdantix, Divina worked at Institute for Policy Integrity, a nonpartisan think tank, calculating environmental regulatory costs, and at the United States Forest Service. Divina holds a BA in Environmental Studies at New York University.

David Metcalfe

CEO, Verdantix

David leads Verdantix research on operational risk management covering technologies, best practices and growth strategies. His current agenda is focused on establishing operational risk software as a distinct category of technology investment. David has 20 years of experience in technology research. He co-founded Verdantix in 2008 and previously worked at Forrester Research, BT and the Harvard Business School. David holds a PhD from Cambridge University.

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