Companies around the world are seizing the promise of Industrial Transformation (IX), but along with opportunity comes risk. While it shifts how environment, health, and safety (EHS) and operations business leaders manage risk, it certainly multiplies the risks they must manage. Meanwhile, the strategic importance of operational risk management is growing as companies better understand potential threats to business continuity. Today’s expanded, dynamic operational risk portfolio calls for more vigorous and effective governance and risk management. Digital technologies can help the industrial organization meet the challenge by enabling greater risk management maturity and pave the way from traditional operational risk management (ORM) to intelligent risk management (IRM).
Industrial Transformation and its impact on operational risk management presents EHS and operations business leaders with a prime opportunity, but risk as well. This research guides industrial organizations in their efforts to meet the new challenges and explores:
- What intelligent risk management (IRM) is and why companies use it to meet today's challenges
- Current trends that impact operational risk management;
- The state of play in the industrial sector today;
- A solution framework for IRM and leveraging digital technologies;
- Evidence of business value; and
- Recommendations for successfully developing IRM