Business Case For Operational Risk Management Software
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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.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 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
About the Authors
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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David Metcalfe
CEO and Co-Founder
David is the CEO and co-founder of Verdantix, where he leads the firm’s strategic direction and client engagement. Since co-founding the firm in 2008, David has built a ...
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