An ORM platform is a continuous cycle process that comprises risk assessment, risk decision making, and the installation of risk controls, and that ends in the acceptance, mitigation, or avoidance of risk. It involves the supervision of operational risk, which may include losses arising from insufficient or failing internal procedures and systems, as well as failures due to human factors or external events.
Operational risk, in contrast to other forms of risks, has hitherto been deemed to be of little strategic significance by top management. However, it has multiple advantages and can have good return on investment.
Why Have an ORM Platform?
Identify Risks
Risk is inherent in asset-intensive, high-hazard facilities, with the process, quality, security, and occupational-related risks spread across the organization. The platform helps you manage the risk proactively.
It does this by providing the ability to effectively conduct risk assessments. Prebuilt, out-of-the-box, and configurable templates provide your team with the tools they need to uncover hidden risks and security gaps in a consistent, standard format.
Complying with Regulations and Industry Best Practices
A unified approach to risk and quality management—along with an audit trail—ensures better compliance with governing regulations and risk legislation. It is also an industry best practice and can help gain a competitive edge, especially if your competitors are lacking in risk management.
Achieving Compliance is Just The Beginning
Risk is part of your everyday reality, especially in an environment that includes vulnerable assets and complex products. Risk assessment and control processes focus on compliance, but they shouldn’t stop there. You need to catch small, unexpected failures before they become big problems. Advanced risk assessment software features help you master the challenges of operational risk management.
EHS Management System
With this method, you’ll be able to help your organization become a healthier, more sustainable business that fulfills the industry imperative of developing a better company for the future.
Enterprises can use environmental, health, and safety software solutions to put themselves on the way to sustainability and operational excellence.
Such software is usually robust and customizable, allowing for more adaptability, cooperation, increased industry knowledge and performance, and a reduction in the administrative load of administering many systems.
Using the most complete EHS management system feature set in the industry, online or offline, the system engages and empowers people to increase productivity and results.
As a result of the platform, a future in which employees and other IoT and linked devices contribute to assessing these risks is feasible.
In order to unleash the value of technological solutions, the EHS management system provides actionable information and simple-to-use tools. This ensures that businesses get the most out of their investment.
Operational Risk Management Software
This software shifts risk management philosophy from being reactive to being proactive. It has powerful risk management solutions built on a holistic approach to risk-based thinking.
Operational risk management software helps in streamlining and simplifying the identification, evaluation, and control of operational risk, providing leaders at all levels with enhanced real-time visibility of where risk exists in the industries. This enables faster, more intelligent decisions to protect your workforce and keep the organization on a path toward better performance.
The software has purpose-built tools to help share risk information broadly across the workforce to support better risk control and drive greater employee participation in risk management actions and decisions.
Conclusion
The ORM platform can be used to analyze the feedback received from company surveys to gain additional insights into workers’ sentiment. This information can help drive strategic changes that will help improve workers’ experience and ultimately grow the company.
Improved awareness of the dangers faced by each person and how physical assets might affect their work environment is provided by EHS management that is more focused on the workforce. Employees in the right place at the right time may make rapid and efficient choices thanks to ESH management.
