Business Case For Operational Risk Management Software
05 Dec, 2019
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Executive Summary
Operational risk management (ORM) software combines functionality for control of work, process safety and barrier risk management. It’s significance has been boosted in the last 12 months by the acquisition of specialist vendors by larger software providers who plan to integrate ORM capabilities into broader EHS and asset management suites. According to Verdantix corporate surveys, the biggest challenge for champions of better industrial risk management has been securing budget. To help overcome this problem, this report provides a bullet proof quantitative model to calculate the Return on Investment and Net Present Value of control of work, process safety management and barrier risk management investments. Project leads can input their own assumptions into the model to calculate costs and benefits specific to their project.
Business Case For Operational Risk Management Software
Complex Industrial Facilities Require Sophisticated Risk Management Controls
New Technologies Open A Gateway To Overhaul Industrial Risk Management
ORM Software Exploits New Technologies
Aligning With Four Strategic Goals Boosts Funding Prospects For ORM Software
How To Build The Business Case For ORM Software
Map Out A Phased Implementation Plan Which Reflects Available Resources And Business Priorities
Assess Current Time Commitment And Value Of Potential Time Savings
Calculate Current IT Costs Across Software, Hardware And Consulting
Estimate The Three-Year Rolling Average Of Financial Losses Caused By Failed Risk Controls
Apply The Model To Quantify Financial Benefits
Business Case Model Applied To A $100-Billion Revenue Oil and Gas Firm
Business Case Model Applied To A $20-Billion Revenue Mining Firm
Business Case Model Applied To A $10-Billion Revenue Aerospace Manufacturer
Complex Industrial Facilities Require Sophisticated Risk Management Controls
New Technologies Open A Gateway To Overhaul Industrial Risk Management
ORM Software Exploits New Technologies
Aligning With Four Strategic Goals Boosts Funding Prospects For ORM Software
How To Build The Business Case For ORM Software
Map Out A Phased Implementation Plan Which Reflects Available Resources And Business Priorities
Assess Current Time Commitment And Value Of Potential Time Savings
Calculate Current IT Costs Across Software, Hardware And Consulting
Estimate The Three-Year Rolling Average Of Financial Losses Caused By Failed Risk Controls
Apply The Model To Quantify Financial Benefits
Business Case Model Applied To A $100-Billion Revenue Oil and Gas Firm
Business Case Model Applied To A $20-Billion Revenue Mining Firm
Business Case Model Applied To A $10-Billion Revenue Aerospace Manufacturer
Figure 1. Aligning With Four Strategic Goals Boosts Funding Prospects For ORM Software
Figure 2. Five-Year Implementation Plan For ORM Software Modules, Sites And Users
Figure 3. Costs And Benefits Associated With Implementing ORM Software
Figure 4. Financial Summary Of ORM Software Business Case—$100 Billion Oil And Gas Firm
Figure 5. Financial Summary Of ORM Software Business Case—$20 Billion Mining Firm
Figure 6. Financial Summary Of ORM Software Business Case—$10 Billion Aerospace Firm
Figure 2. Five-Year Implementation Plan For ORM Software Modules, Sites And Users
Figure 3. Costs And Benefits Associated With Implementing ORM Software
Figure 4. Financial Summary Of ORM Software Business Case—$100 Billion Oil And Gas Firm
Figure 5. Financial Summary Of ORM Software Business Case—$20 Billion Mining Firm
Figure 6. Financial Summary Of ORM Software Business Case—$10 Billion Aerospace Firm
Accenture, Orbia, DowDuPont, Texas Instruments, Health and Safety Executive, Bostik, Petronas, Chevron, AbbVie, Trinity Consultants, Airbus, RiskPoynt, Jacobs, American Petroleum Institute, OneLook Systems, Exxon Mobil, Logical Safety, Biffa, Workday, DevonWay, Occupational Safety and Health Administration (OSHA), BASF, Avnet, Marathon Oil, Coeur Mining, Deutsche Post, Industrial Scientific, SAP, International Atomic Energy Agency, Prometheus Group, Arcadis, CGI, Royal Dutch Shell, Cedrat Technologies, RAP International, Seebo, Lloyd’s Register, Duke Energy, Saudi Aramco, Sphera, Engica, eVision, IBM, Enablon, TE Connectivity, American Productivity and Quality Center, AECOM, Petrotechnics, Infosys, Henkel, Ten Degrees, TenForce, Arkema, Honeywell, Intelex, GEMsoft7, OSIsoft
About the Authors
Malavika Tohani
Research Director, Industrial Transformation
Malavika leads the Verdantix Industrial Transformation practice. Her current research agenda focuses on digital technologies for Operational Excellence including digital twins…
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David Metcalfe
CEO and Co-Founder
David is the CEO of Verdantix and co-founded the firm in 2008. Based on his 20 years of experience in technology strategy and research roles he provides guidance on digital st…
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