The Future Direction Of Operational Risk Management Software

Published 23 July 2018 by David Metcalfe &
Operational Risk Management Software Process Safety Management Real-Time Risk Management Market Overview

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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, MetricStream, Microsoft, MineRP, Mitratech, Oracle, Orient DB, Petrotechnics, RAP International, Resolver, RiskPoynt, Rolls-Royce, Rsam, SAP, Saudi Aramco, Schneider Electric, Shell, Siemens, SK Energy, Sphera, TenForce, VelocityEHS, VisiumKMS

About the author

David Metcalfe

CEO

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 strategies to C-level executives at technology providers, partners at private equity firms and function heads at large corporations. His current focus is on helping clients understand their market opportunity tied to ESG investment trends and their impact on corporate sustainability strategies. During his 12 years running Verdantix – including 4 leading the New York office – he has helped dozens of clients grow their businesses through fund raising, acquisitions and international growth. David was previously SVP Research at Forrester and Head of Analysis & Forecasting at BT. He holds a PhD from Cambridge University and also worked as a Research Associate at the Harvard Business School.

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