2018 survey on the state of process safety & operational risk management – part 2
INDUSTRY 4.0 ON THE DIGITAL HORIZON
Having explored, in part one of the Petrotechnics 2018 report, how operational risk management (ORM) and process safety management (PSM) in the global hydrocarbon industry are feeling the squeeze following the low oil price, part two explores the overwhelmingly positive views coming from senior industry leaders about the digital horizon.
Here we share how well technologies that fall under the Industry 4.0 umbrella are understood, how far they are deployed today, how they compare to incumbent enterprise systems, and the value they will deliver to safety and risk management.
PATH TO DELIVERING TANGIBLE IMPROVEMENTS FROM OPERATIONAL RISK MANAGEMENT
According to independent analyst, Verdantix: “Delivering the full operational risk value proposition is a complex technology challenge”. Organisations must,
1) Aggregate data from asset management databases, safety reports, and equipment
2) Model asset performance and barrier health with near real-time data feeds
3) Analyse interactions between workers, equipment and external factors
4) Engage user groups with a variety of roles and requirements
BONUS: Putting a digital twin modelling capability at the heart of [technology] has the potential to transform the ORM value proposition
ABOUT THE SURVEY
Petrotechnics’ third annual Process Safety and Operational Risk Management survey was conducted between May and July, 2018 – in partnership with the Mary Kay O’Connor Process Safety Center. More than 100 individuals took part, of whom 53 per cent have worked in process safety, asset integrity and operational risk for more than 15 years. In addition, 61 per cent are responsible for managing corporate or regional process safety. The remaining respondents are responsible for single-site or asset process safety. Respondents represent companies of all sizes and are located around the world: in total more than 80 per cent are located in North America, APAC, Europe and the Middle East.