Enterprise Risk Management Software

Enterprise Risk Management

Why OESuite® for Enterprise Risk Management Matters

Operating companies today focus on minimizing business interruptions through enhanced safety and reliability, but the traditional view of risk management creates silos at a departmental level. Often, department leaders with the most influence and budget get the resources to address their risk, creating uneven prioritization of risk and poor understanding of the interconnected relationship of risk. The lack of a clear risk picture increases the potential for risks to go undetected and unmitigated in the future. Risks are opportunities for loss, and not all risks are equal. Enter the need for an Enterprise Strategy driven by interoperability.

Unmitigated risks can emerge later with the potential to create catastrophic losses. Companies who excel at risk management reduce their enterprise losses, and enhance their stock valuation relative to their peers.

OESuite® Business Benefits for ERM

Operational Risk Management Business Benefits

What is Enterprise Risk Management?

Enterprise Risk Management (ERM) overcomes the limitations of traditional risk management by providing a portfolio view from the top down (i.e., operational, compliance, and financial management) to address existing and emerging risks based on their potential impact, informing the Enterprise Strategy and ensuring opportunities aren’t missed, through a dynamic risk registry.

Elements of Risk

A risk registry is more than a set of static variables. It is a living, breathing system of inputs and components that are constantly being updated because of real changes in your organization. The OESuite® Risk Registry assembles the risk contributors based on your data, providing actionable insights for your operations. Equipped with OESuite®, companies can apply the right resources, at the right time, to drive out threats and mitigate risks to acceptable levels.

Risk registry with inputs

Enterprise Loss Prevention & Risk Management

New threats are constantly emerging, with varying consequences. Each organization must establish its risk tolerance and means to monitor risks down to the equipment and instrument level at the facility. The only way to enhance profitability and safety, equipment reliability, environmental compliance, and ESG efforts simultaneously is to consider their collective impact through one lens.

Risk Value Relationship

Risk management is key to understanding the potential consequences when failures occur. Because risks are potential losses, Enterprise Loss Prevention (ELP) is a proactive means of identifying losses that occur as risk limits are exceeded. OESuite® utilizes standards and best practices in its content library, along with its interoperable Frameworks, Solutions, and Modules, to provide an action plan for managing risk and reducing loss – because operating with less loss over time leads to Operational Excellence.

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