RiskPoynt Expands Its Powerful Barrier Management App Into Operational Risk

Transcription

1 RiskPoynt Expands Its Powerful Barrier Management App Into Operational Risk M A Y W W W. V E R D A N T I X. C O M

2 RiskPoynt Expands Its Powerful Barrier Management App Into Operational Risk As part of their operational excellence initiatives, firms in high-risk, asset-heavy industries such as oil and gas, chemicals, mining, power utilities and port operators have identified the need to control risks at the level of physical operational assets. Operational risk management (ORM) software is emerging as an essential part of their digital toolkit to reduce risk whilst also increasing production. Barrier risk management, a core capability within the ORM software market provides an in-depth insight into asset integrity and asset health for risk assessment and management. RiskPoynt is one of the few vendors globally, offering a powerful barrier risk management software application that provides a real-time view of operational risks and also offers mitigation measures to minimize cumulative risks. Barrier risk management has an important place in the emerging reference architecture for operational risk management software. T A B L E O F C O N T E N T S RiskPoynt Expands Its Powerful Barrier Management App Into Operational Risk... 3 RiskPoynt s Dynamic Barrier Management Model Enables Proactive Operational Risk Management RiskPoynt s Product Roadmap Envisages Expansion Into Additional Operational Risk Requirements O R G A N I Z A T I O N S M E N T I O N E D BG Group, BP Pipeline North America, Bumi Armada, CADMATIC, Chrysaor, evision, GEMsoft7, Hexagon PPM, INOVX, International Association of Oil and Gas Producers, National Grid, OMV, Petrotechnics, Predictive Solutions, Shell, Tullow Oil 2

3 RiskPoynt Expands Its Powerful Barrier Management App Into Operational Risk As part of their operational excellence initiatives, firms in high-risk, asset-heavy industries such as oil and gas, chemicals, mining, power utilities and port operators have identified the need to control risks at the level of physical operational assets. Operational risk management (ORM) software is emerging as an essential part of their digital toolkit to reduce risk whilst also increasing production. Barrier risk management, a core capability within the ORM software market, provides insight into asset integrity and asset health for risk assessment and management. RiskPoynt is one of the few vendors offering a powerful barrier risk management software. To find out more, Verdantix spoke with Paul Bartlett, Managing Director for Europe and the UK, and Michael Mostert, Managing Director. We heard that RiskPoynt has a: Dedicated barrier risk management software application. RiskPoynt s asset integrity barrier model was developed in conjunction with experts at BG Group (now part of Shell) to address their requirement for proactively managing the cumulative impact of operational risks on critical assets. RiskPoynt s barrier risk management software is scalable and is used to visualize and monitor risks on a specific asset, for the entire plant/facility and over the life cycle of the asset. Global footprint with four offices spread over three continents. Headquartered in Denver, USA, RiskPoynt has offices in Houston in the US, London in the UK and Brisbane in Australia. Its clients have implemented the barrier risk management solution on their sites located in Australia, Austria, Ghana, India, Indonesia, Romania, Trinidad and Tobago, Tunisia and the UK. Strong suite of clients in the oil and gas sector. After three years of offshore deployments and proven benefits at BG Group, RiskPoynt was licensed for distribution outside of BG Group in Since then, RiskPoynt s barrier model has been adopted by other oil and gas firms such as Bumi Armada, Chrysaor, OMV, Shell and Tullow Oil. It helps in proactive risk management of critical assets along the entire value chain upstream, midstream and downstream for the oil and gas sector. Over 100 sites currently use RiskPoynt s operational risk software. RiskPoynt s Dynamic Barrier Management Model Enables Proactive Operational Risk Management With its global network of offices and rich experience of implementing the barrier risk management software application with blue-chip customers, Riskpoynt s solution provides: Real-time visualization of risk by monitoring asset health. RiskPoynt s dynamic barrier management solution integrates data from assets, maintenance management systems (MMS) and distributed control systems (DCS) to present real-time visualization of asset health for effective management of operational risks. Visual dashboards provide a standardized and holistic global, regional, or facility-wide view of real-time operational risks. Additionally, they depict how the health of barriers or controls changes in real time if issues are identified by asset telemetry systems. Integration with work management systems helps operators to better plan and prioritize their work, leading to a reduction in work order backlogs including those that are safety critical. By way of example, a North Sea platform operator reduced its overall work order backlog by 90% from 2011 to 2016, using RiskPoynt s barrier management software. 3

4 Common understanding of operational risks to improve operational efficiency. RiskPoynt s barrier management software engages workers in multiple functions, such as operations, maintenance and engineering. This generates a common understanding of operational risks faced by the facilities, by providing a colour-coded real-time picture of current and residual risks. This in turn drives operational efficiency and productivity as everyone is on the same page regarding risks, leading to better planning and prioritization of resources. For example, the operational efficiency at a North Sea platform increased from 52% to 81% in fourteen months, after implementing RiskPoynt s barrier model. Mitigation management module to minimize cumulative risks. The RiskPoynt software facilitates implementation of mitigation measures to reduce cumulative risks. Using qualitative and quantitative risk assessment tools, the status of barriers is evaluated constantly to ensure they are robust. Risk assessments for each safety barrier are built in line with industry regulations and performance standards such as the International Association of Oil and Gas Producers (IOGP), EU Safety of Offshore Oil and Gas Operations Directive and Control Of Major Accident Hazards Regulations 2015 (COMAH). Any deviations in the established controls are evaluated against these standards, which then changes the residual risks. By visualizing, identifying, analysing and assessing risks in real-time, RiskPoynt s barrier risk management software helps organizations proactively mitigate risks that require immediate attention to stop accidents from occurring. Integrated KPI reporting based on industry performance standards. RiskPoynt s barrier risk management model simplifies and automates collecting, correlating and presenting information to regulators, technical authorities and the C-suite. The software acts as a repository of all asset integrity data, streamlining tasks such as annual technical reviews, monthly asset integrity reporting, reliability analysis, ongoing operational assessments and quarterly auditing. RiskPoynt states that a single offshore oil and gas platform saved over $360,000 per year in administration and reporting costs by using RiskPoynt s barrier management software. Multilingual capabilities supporting customers globally and locally. RiskPoynt s barrier risk management software supports multiple languages. For OMV, the Austrianheadquartered 19 billion ($23 billion) international oil and gas firm, the solution supports translations into five different languages including Arabic, English, German, Romanian and Russian. The differentiating factor about the multilingual capability is the auto translation feature, which simultaneously translates records being entered by the user in a particular language into all other purchased languages. This works well for multinational firms with assets and operations in multiple countries, supporting a culturally varied workforce speaking umpteen number of languages. RiskPoynt s Product Roadmap Envisages Expansion Into Additional Operational Risk Requirements RiskPoynt is one of the few vendors globally that not only offers a dedicated tool to provide a real-time view of operational risks but also offers mitigation measures. In 2018, RiskPoynt will enhance existing functionality for approvals, mitigation management, processing and report authentication. New functionality includes: User interface tools to visualize interdependent safety issues. Helix, the flagship feature in the new Version 6 slated for release in Q2 of 2018, is a visual tool that displays the status of interrelated items known as interdependencies at the safety critical level. Helix operationalizes the bow-tie model by providing plant managers and operational leaders with not just a top-level overview of barrier health that affects strategic operational areas but goes a level deeper by 4

5 displaying the status of those systems that may be required as part of the control. With a single click, RiskPoynt plans to display the interdependencies between constituent safety critical elements of each barrier such as its operating condition, human factors, process safety and deferment of safety critical maintenance. By linking this with the volume of safety critical maintenance in the backlog, the application will validate the strength of each barrier and help operational leaders with timely decisionmaking. Predictive analytics to assess the future health of assets. A key product enhancement that RiskPoynt is planning for its year-end release is the ability for users to predict the future health of an asset. The barrier risk management software acts as a centralized database for data from multiple sources and provides an in-depth analysis of the barrier health of interdependent safety critical elements. This then enables the identification of patterns and correlations in the data, thereby helping operators identify and understand risks before they can evolve. This further helps with the planning process of permits, prioritization of resources and providing justification to regulators on why a particular asset or facility can operate beyond a given period. Rather than building all the analytics capability itself, RiskPoynt could advantageously partner with a specialist like Predictive Solutions. 3D visualization of assets. 3D modelling and visualization software offered by vendors such as CADMATIC, Hexagon PPM (formerly Intergraph) and INOVX, provides greater visibility and control into the performance, hazards and issues occurring at a plant, process, asset or facility. Moreover, monitoring the condition of assets and undertaking maintenance activities can be done remotely via virtual 3D models, leading to improvements in asset performance, optimizing operations, reducing downtime and visualizing risks. RiskPoynt s product strategy of incorporating pipeline 3D visualization with its barrier risk management software will support detailed graphical displays. This solution will add value to firms with geographically spread assets such as BP Pipeline North America, which transports oil, refined products and natural gas through nearly 3,200 miles of pipelines, and power utilities such as the National Grid with nearly 4,500 miles of overhead lines. Integration with permit to work software applications. Permit to work (PTW) software co-ordinates information that describes exactly what work needs to be done, where and when, and what precautions need to be taken. Integrating RiskPoynt s barrier risk management software with PTW software from vendors such as evision, GEMsoft7 and Petrotechnics will help operations, EHS, maintenance and engineering executives manage conflicting work efficiently by visualizing the status of permits, any hazardous work underway and the isolations in place. If highrisk firms in oil and gas, chemicals, mining and power sectors want to proactively manage operational risks, they must use PTW in tandem with other core modules of the operational risk management solution, such as barrier risk management. 5

6