Software Benchmark: Barrier Risk Management

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Executive Summary

Barrier risk management is a specialised functionality for many vendors with only a select few offering strong capabilities in this area. As buyers strive for a better understanding of interdependent risks that affect operations, barrier risk management is becoming a core functionality of operational risk management software. To help buyers with a barrier risk management focus, this software benchmark provides a detailed analysis of capabilities available from 17 software vendors for integration with sensors, integration with wearables, integration with industrial systems, integration with business software, barrier risk management, and mechanical integrity. The report finds that three software vendors - RiskPoynt, eVision and Petrotechnics - have the broadest and deepest barrier risk management functionality. To put in place comprehensive, digitized industrial risk management frameworks, buyers should purchase software from vendors that specialise in barrier risk management and have the ability to model interdependent risks utilising high quality user interfaces. 

Table of contents

Software Benchmark: Barrier Risk Management
Four Factors Drive Buyers To Focus On A Subset Of Operational Risk Usage Scenarios
Assessment Criteria For Barrier Risk Management 
Strong Functionality For Barrier Risk Management Is Only Offered By A Selection Of Vendors
Buyers Of Barrier Risk Management Software Should Focus On Risk Modelling And Usability

Table of figures

Figure 1. Barrier Risk Management Functionality Scores
Figure 2. Barrier Risk Management Functionality Scores
Figure 3. Barrier Risk Management Software Percentage Of Maximum Potential Score

Organisations mentioned

Chrysaor, Cority, DNV GL, Enablon, eVision, ExxonMobil, Gensuite, Petrotechnics, ProcessMAP, RiskPoynt, Shell, Sphera, TenForce, Tullow Oil

About the authors

Rachel Umunna

Analyst

Rachel is a technology analyst in the Verdantix Operational Risk Practice. Her research agenda explores the value of technologies for investors, service providers and corporates. Prior to joining Verdantix Rachel worked for the CDP. Rachel holds an MSc Environmental Technology from Imperial College London.

David Metcalfe

CEO

David co-founded Verdantix in 2008 and leads the firm’s research and advisory work on the digitization of operational risk management which covers software, systems integration, wearables and drones. Prior to founding Verdantix, David was a Senior Vice President at Forrester Research and Head of Analysis and Forecasting for BT. He holds a PhD from Cambridge University in Game Theory and Decision Analysis and worked as a Research Associate at the Harvard Business School.

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