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RiskPoynt Expands Its Powerful
Barrier Management App Into
Operational Risk
M A Y 2 0 1 8
W W W . V E R D A N T I X . C O M
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.
TA 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
RIS KPOYNT E XPANDS IT S POWE RFUL BARRIE R MA NAG E ME NT APP INTO OP E RATIONAL R IS K
C O P Y R I G H T © V E R D A N T I X L T D 2 0 0 7 - 2 0 1 8 . L I C E N S E D C O N T E N T , R E P R O D U C T I O N P R O H I B I T E D 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 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 2014. 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.
RIS KPOYNT E XPANDS IT S POWE RFUL BARRIE R MA NAG E ME NT APP INTO OP E RATIONAL R IS K
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• 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 Austrian-
headquartered €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, email 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
RIS KPOYNT E XPANDS IT S POWE RFUL BARRIE R MA NAG E ME NT APP INTO OP E RATIONAL R IS K
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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 decision-
making.
• 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 high-
risk 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.
RIS KPOYNT E XPANDS IT S POWE RFUL BARRIE R MA NAG E ME NT APP INTO OP E RATIONAL R IS K
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