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.
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.
Enterprise Risk Management (ERM) overcomes the limitations of traditional risk management by providing a portfolio view from the top down to address existing and emerging risks based on their potential impact, informing the strategic plan and ensuring opportunities aren’t missed, through a dynamic risk registry.
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.
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 management is key to understanding the potential consequences when failures occur. Because risks are potential losses, Enterprise Loss Prevention (ELP) provides the enterprise strategy to help companies reduce loss (mitigate risk). 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.