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Managing risk with data

Tuesday, May 1, 2018

New collaboration provides end-to-end barrier management assurance for oil, gas and transport markets.

Lloyd's Register and Presight Solutions AS offer industry a digital approach to managing risk through dynamic software development and data management solutions.

Enabling dynamic barrier management is a key topic in today's risk challenged industries. Accident investigations have indicated that inadequate barrier management has been a main cause of many accidents in the process industry, but a new collaboration is underway to combat this issue.

Lloyd's Register (LR) and Presight Solutions AS are providing industry with greater insight and technology to deal with potential hazards at any given time.

Robert Nyiredy, European Sales Manager for LR, says: 'The main purpose of barrier management is to establish and maintain barriers so that the risk faced by a company at any given time can be handled by preventing an undesirable incident from occurring, or by limiting the consequences should an incident occur.

'This new collaboration will help to find solutions to reduce a company's risk to an acceptable level. We can quickly determine and recommend to customers 'barriers' to take care of possible uncertainties thanks to our shared technology 'know-how', and the way we use software to manage and interpret data.'

Risk management requires a systematic use of appropriate analyses and studies in order to support decisions which could be significant for the risk associated with an activity. Barrier management includes these processes, systems, solutions and measures which must be in place to ensure the risk is reduced.

'Good barrier management is not confined to the choice of good and robust solutions in just the design phase,' says Nyiredy. 'It needs to ensure that the barrier's properties are maintained and also improved over time. What's more, it requires that personnel who directly or indirectly influence the risk picture have an understanding of the consequences of their choices.'

The collaboration provides customers in oil, gas and transport industries with a fully comprehensive end-to-end solution for their barrier analysis, and the ability to retrieve data quickly from other source systems to show the current status of their business. LR will provide risk management consultancy services, including risk analyses, barrier strategies and performance standards, and Presight will provide the software for full risk and digital dynamic barrier monitoring.

Petter Holst Johnsen, CEO and founding partner of Presight Solutions AS, highlights: 'LR is one of the most experienced risk consulting companies within risk and barrier management, and we are delighted to have reached an agreement with them - we are excited about the future possibilities and the capability both companies can bring to the market.'

Associated Companies
» Lloyd’s Register
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