Software Benchmark: Process Safety Management

Published 30 January 2019 by RACHEL UMUNNA WITH DAVID METCALFE

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Executive Summary

Whilst some firms invest in software to cover a multitude of industrial risk management usage scenarios, other buyers are primarily interested in digitizing their approach to process safety management (PSM). To help buyers with a PSM focus, this software benchmark provides a detailed analysis of functionality used to meet process safety management objectives as defined by OSHA and other regulatory agencies. The analysis covers capabilities available from 17 software vendors for compliance audits, emergency response, incident management, management of change, mechanical integrity, pre-start-up safety reviews and process hazard analysis. The report finds that three environment, health and safety software vendors - Enablon, Sphera and Cority - have the broadest and deepest PSM functionality. To put in place comprehensive, digitized industrial risk management frameworks, buyers should involve safety and operations in PSM software purchase decisions and develop an information architecture which includes asset reliability and barrier management.

Table of contents

Software Benchmark: Process Safety Management
Four Factors Drive Buyers To Focus On A  Subset Of Operational Risk Usage Scenarios
Assessment Criteria For Process Safety Management Software 
Strong Process Safety Management Functionality Is Only Offered By A Handful Of Vendors
Investments In PSM Software Should Reflect Organizational Structure And Existing IT Systems

Table of figures

Figure 1. Process Safety Management Software Functionality Scores
Figure 2. Process Safety Management Software Functionality Scores
Figure 3. Process Safety Management Software Percentage Of Maximum Potential Score 

Organisations mentioned

Axiall Corporation, Brunei LNG, Cority, DNV GL, DuBois Chemical, Enablon, Engica, eVision, Gensuite, Hexagon, j5 International, LyondellBasell, Mitsubishi, Occidental Petroleum, PETRONAS, Petrotechnics, ProcessMAP, RAP International, RiskPoynt, Sandvik, SAI Global, Sphera, sparesFinder, TenForce, VisiumKMS

About the author

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, 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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