Smart Innovators: Operational Risk Management Software

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.