The Future Direction Of Operational Risk Management Software

Published 23 July 2018 by David Metcalfe

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Executive Summary

This report provides operations and production leaders at asset intensive firms as well as executives at software vendors with an overview of the emerging direction of software products designed to improve operational risk management. Controlling risks to ensure plants operate efficiently, workers are safe and environmental accidents do not happen has been a responsibility of asset owners for decades. In recent years, COOs have come to realize that digital technologies can help keep risks under control and also boost production by digitizing cumbersome EHS processes, remotely monitoring equipment and running analysis of near real-time operational data. A slew of recent technology innovations has enabled IT systems integrators, software vendors and their customers to prove out the potential for a digitized risk management strategy for physical operations.  

Table of contents

The Future Direction of Operational Risk Management Software
A Multitude of Vendors Have Developed Operational Risk Management Software
Usage Scenarios For Operational Risk Software Point To A Big Value Proposition
Delivering The Full Operational Risk Value Proposition Is A Complex Technology Challenge

ORM Software Architecture Puts Digital Twin Models At The Core
Graph Databases Will Help To Solve The Data Connectivity Challenge
Digital Twin Models Provide The Core Capability For Dynamic Risk Analysis
Integrated Risk Assessment Systems Facilitate Production Increases
Diverse Interfaces Maximise Engagement Of Specialist User Groups

Table of figures

Figure 1. Four Categories Of Operational Risk Management Vendors
Figure 2. The Operational Risk Management Software Value Proposition
Figure 3. Operational Risk Management Software Product Architecture

Organisations mentioned

Accenture, Airsweb, AON, APM Terminals, ArangoDB, Arity, Aveva, BG Group, BHP Billiton, BP, Cambridge Intelligence, Cority, Cresent, DataStax, Deloitte, DevonWay, DNV GL, EcoIntense, eCompliance, Enablon, Engica, Enviance, Equinor, eVision, ExxonMobil, GE, Go-ARC, HandsHQ, Honeywell, IBM, Ideagen, Intelex, iPoint BiS, j5 International, Kinder Morgan, London’s Metropolitan Police, Microsoft, MineRP, MetricStream, Mitratech, Oracle, Orient DB, Petrotechnics, RAP International, Resolver, RiskPoynt, Rolls-Royce, VisiumKMS, Rsam, SAP, Saudi Aramco, Schneider Electric, Shell, Siemens, SK Energy, Sphera, TenForce, VelocityEHS.

About the author

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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