Best Practices: Process Safety Management
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Executive Summary
This report offers industrial safety leaders an in-depth analysis of best practices for process safety management (PSM) in 2024. To gather best practice insights, Verdantix conducted interviews with eight experienced PSM practitioners and six notable PSM software vendors, alongside in-depth analysis of 304 survey responses from managers in operations, maintenance, process safety and engineering roles. The findings highlight the critical importance of digitizing PSM processes, optimizing resource allocation and creating a holistic safety culture. Among other key recommendations, firms should leverage software solutions for standardization, integrate real-time data collection tools and centralize safety data. Beyond software, this report emphasizes the value of aligning leadership with operational realities and tailoring safety practices to local contexts for effective implementation and continuous improvement.State of the process safety management (PSM) market in 2024
Today’s PSM professionals are responsible for the continued refinement of standards, guiding and facilitating knowledge management
PSM executives’ challenges persist across digital transformation, safety culture and reporting
Best practices for PSM in 2024
Practitioners should digitize PSM processes with innovative and established solutions
Location-tailored implementation and knowledge capture drive consistency and scarce resource efficiency
An effective process safety culture stems from aligning leadership with on-the-ground operational realities
Figure 1. PSM digitization goals
Figure 2. Best practices for PSM
About the Authors
Joe Lamming
Senior Analyst
Joe is a Senior Analyst and Technical Lead at Verdantix, specializing in AI-first platforms and applications and data management. Combining hands-on development of software an...
Sayanh Alam
Industry Analyst
Sayanh is an Industry Analyst at Verdantix specializing in industrial asset management and operational risk management solutions. She advises software vendors and services fir...
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Malavika Tohani
Research Director
Malavika is a Research Director at Verdantix, guiding research that explores how digital technologies and services are reshaping industrial operations to become safer, more ef...
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