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Operational Risk Management (ORM)
ORM Overview
Why OESuite® for ORM Matters
Operational Risk Management (ORM) is a comprehensive solution for managing risk across an organization, addressing operational and compliance risks to achieve Operational Excellence. ORM enables companies to achieve operational success through shifting from a focus on safety to a focus on risk.
At its core, ORM is focused on mitigating financial, operational, and compliance risks to an acceptable level through cultural alignment, policies, systems, and procedures. The OESuite® version of ORM is focused on production and profitability. Compliance assurance is a natural outcome of holistic ORM because a facility that doesn’t properly protect its privilege to operate (via reducing the risks to its people, plant, and communities) will no longer have the opportunity to operate. An operating plant with well-managed operational risks and reduced production losses (another type of operational risk) has the best opportunity for profitable operations.
OS comprehensively addresses all aspects of ORM in our Operational Risk Maturity Roadmap:
OESuite® Business Benefits for Operational Risk Management
OESuite® Mobile Applications
As plant alignments and operational needs change, having an integrated mobile solution that enables collaboration among your personnel is mission critical. From initiating work orders, to beginning incident investigations, to conducting proof testing, having access to the right information is critical to making the right decision, at the right time in the field. The result is lower risk, safer startup, less delays in shutdowns, and improved efficiency and effectiveness.
OESuite® Integrations / Connectors
ORM brings all risk contributors into a single risk registry. Integrations enable companies move to a single source of truth while connecting to data historians and/or process control systems to enable real-time insights.
OESuite® delivers the necessary integrations to support maturity advancements, including:
- Comprehensive Engineering Content Management
- Organizational change
- Incident Management to enable Enterprise Loss Management
- SIS and Alarm Management
- Spares Optimization
- Asset Performance Management
- Integrity Operating Windows and Safe Operating Envelope monitoring
ORM & ESG
Strong Environmental, Social, and Governance (ESG) efforts are becoming a requirement for industry as firms worldwide demand comprehensive risk transparency, and socially-conscious investors use ESG to screen potential investments. To feed necessary, corporate-level ESG reporting, OS recommends using ORM metrics as a scorecard managed at a facility level.
By managing ORM, and by extension ESG efforts, at a facility level, companies can focus on leading indicators to proactively manage risk and move away from after-the-fact reporting primarily based on lagging indicators. Not all risks are equal, and that is why a prioritized risk registry needs to be created that includes a closed-looped Management of Change process.
By assembling all risk contributors, understanding potential consequences, and assessing risk controls, companies can apply the right resources, at the right time, to drive out threats to the organization. Our strategy accounts for the dynamic nature of risk and is built on a single source of truth.