Smart Innovators: Operational Risk Management Software
Divina Li
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Executive Summary
This report provides operations, production and safety managers with a high-level assessment of the emerging category of operational risk management (ORM) software. Lost revenues, regulatory fines and costly reputational damage caused by accidents and shutdowns has resulted in Board-level risk committees looking for better risk controls at the operational level. The combination of enterprise-class ORM software, dynamic digital twin models, internet-connected equipment and graph databases provides the solution. To help operations managers identify potential vendors this report compares 22 ORM software providers, identifies each vendor’s strengths and weaknesses and charts the future course of an ORM reference architecture. Vendors are converging on the market with different product strategies and at present buyers will not find a single ORM software application that meets all usage scenarios globally. The next generation of ORM solutions will be built on a product architecture which permits the rapid creation of asset-level risk models.Operational Risk Management Is Moving Up The Corporate Agenda
Recent Innovations Position Technology As A Valuable Support For Operational Risk Management
Introducing The Operational Risk Management Software Market
Vendors Converge On The Operational Risk Opportunity From Different Directions
Operational Risk Management Software Has Nine Primary Capabilities
Buyers Will Struggle To Find A Single Vendor With A Globally-Applicable ORM Application
Product Architecture Innovations Will Determine Which Vendors Win
Figure 2. Vendors Converge On Operational Risk Management With Different Capabilities
Figure 3. Vendors Anticipate Double Digit Growth In ORM Software Sales
Figure 4. Operational Risk Management Software Capabilities Assessment
About the Authors
Divina Li
Analyst
Divina is an Analyst on the Environment, Health and Safety and Operational Risk practice groups. Her current research agenda includes software innovations to support operation...
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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