Software Benchmark: Barrier Risk Management

Executive Summary

Barrier risk management is a specialised functionality for many vendors with only a select few offering strong capabilities in this area. As buyers strive for a better understanding of interdependent risks that affect operations, barrier risk management is becoming a core functionality of operational risk management software. To help buyers with a barrier risk management focus, this software benchmark provides a detailed analysis of capabilities available from 17 software vendors for integration with sensors, integration with wearables, integration with industrial systems, integration with business software, barrier risk management, and mechanical integrity. The report finds that three software vendors - RiskPoynt, eVision and Petrotechnics - have the broadest and deepest barrier risk management functionality. To put in place comprehensive, digitized industrial risk management frameworks, buyers should purchase software from vendors that specialise in barrier risk management and have the ability to model interdependent risks utilising high quality user interfaces.