Hazardous Industries Ready for a Giant Leap Toward Dynamic and Simulated Risk

In Sphera's recent survey, industry leaders express need for technology solutions that help achieve operational resilience

ID: 1561658
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(PresseBox) - Sphera, the leading global provider of Integrated Risk Management (IRM) software, data and consulting services, has released the latest results of its annual Process Safety Management/Operational Risk Management survey.

The 2020 surveytive software and technology deployments allows companies to make better business decisions across the organization. An interoperable, data-driven approach to process safety and operational risk promises new predictive insights that were previously unobtainable.

The pandemic along with fluctuation in oil and commodity pricing has impacted operating margins, yet has given many companies the opportunity to consider their technological capabilities related to visualizing, forecasting, simulating and mitigating major hazard events while assessing their operational resilience.

?Being operationally resilient means being able to maintain or optimize operations during unexpected business shocks,? said Scott Lehmann, Sphera?s vice president of product management for Operational Risk Management, who co-authored the 2020 survey report. ?Many companies found themselves wondering if they had embraced simulated, dynamic risk management tools earlier whether they would have seen less of a shock manifest itself throughout industry when the pandemic accelerated and oil prices ran out of steam.?

Likethe previous surveys, the results highlight the importance of technology to improve Process Safety and Operational Risk Management. Virtually all the respondents (91%) said technology has made their companies and workers safer (up 11 percentage points from last year).

While companies are taking safety seriously?88% say safety is part of corporate value structure?industry leaders report significant gaps (81%) between process safety intent and reality. Half of the respondents (51%) only review risk every 1 to 6 years, 53% are only assessing a portion of their facilities, and only 68% are able to complete their scheduled asset integrity inspections. This results in incomplete, lagging risk indicators with only 37% proactively managing process safety.



Digitalization allows companies to make an unprecedented leap in collecting and analyzing operational risk data in real-time. Unsurprisingly, 6 out of 10 survey respondents said they are investing in technologies to create data-driven business processes across the organization, integrating Environment, Health, Safety & Sustainability (EHS&S) and Operational Risk Management (ORM) data, and half (52%) said they are investing in solutions to map dynamic risk pathways.

?The technology which connects the dots, joins the disparate processes and workflows, and illuminates the operational reality in real time, simply hasn?t existed until now,? added Lehmann. ?Companies that embrace these technologies will finally be able to achieve a holistic, end-to-end view of their operational risk.?

Survey Methodology

The 2020 Sphera Process Safety Management (PSM)/ORM Survey was conducted online between& Gas industry, 19% in the petrochemicals industry and 17% in manufacturing.& Africa.

Sphera creates a safer, more sustainable and productive world. Our innovative cloud-based risk management platform connects an unprecedented amount of information that leads to deeper insights across an enterprise. We operationalize, scale and optimize Integrated Risk Management strategies to help customers identify, manage, and mitigate risk in the areas of Environment, Health, Safety & Sustainability (EHS&S), Operational Risk Management and Product Stewardship.



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Sphera creates a safer, more sustainable and productive world. Our innovative cloud-based risk management platform connects an unprecedented amount of information that leads to deeper insights across an enterprise. We operationalize, scale and optimize Integrated Risk Management strategies to help customers identify, manage, and mitigate risk in the areas of Environment, Health, Safety&Sustainability (EHS&S), Operational Risk Management and Product Stewardship.

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Date: 10/21/2020 - 11:16
Language: English
News-ID 1561658
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