When you are responsible for ensuring the risks across your fleet are managed responsibly, you need reliable information to substantiate your position. Some companies attempt to manage risk via Enterprise Risk Management (ERM), but ERM focuses on managing financial risks, not compliance and operational risks. OESuite® can help you focus on what matters through our Operational Risk Management (ORM) framework.
ORM is an emerging concept rooted in ERM. ORM is the portion of a business’s total risk that originates from its processes and facilities. Our framework creates a comprehensive platform for managing risk across an organization. We define comprehensive as all departments across an organization, including but not limited to EHS compliance, operations, engineering, maintenance, supply chain, production, training, and human resources.
How Does the ORM Framework from OESuite® Change Your Outomes?
Risk can be defined as any event that negatively impacts a company’s ability to meet its objectives. Said another way, risk can be defined as the possibility for loss – including financial loss. The overall goal of ERM and ORM is to mitigate financial, operational, and compliance risks to an acceptable level through policies, systems, and procedures. Not all risks are equal, and that is why OESuite® helps you create and manage a prioritized risk registry that includes a closed-looped change management process.
Narrow views of risk overlook enhanced asset performance, operational discipline, capital projects and effectiveness, supply chain optimization, and production optimization as outcomes. A compliant corporation isn’t necessarily a profitable or socially responsible corporation. As a result, companies are starting to broaden their view of risk management to include non-EHS areas.
Operational Risk represents a significant portion of an organization’s risk portfolio. OESuite® helps companies assemble credible scenarios to see potential value leakage, along with prioritizing and addressing threats. Our software helps create a comprehensive risk registry so that as threats emerge in real-time you are proactively notified so that you can evaluate mitigation options.
You have likely seen a lot of disparate risk tools and methodologies. The industry is ready for a holistic and complete way of doing business. Let’s talk about a better way to manage risk.