Insight Risk Systems: Value Proposition
PROCESSING YOUR EXISTING DATA WITH OUR ADVANCED ANALYTICS AND VISUALIZATIONS TO IDENTIFY BLIND SPOTS AND CLUTTER IN YOUR RISK MANAGEMENT SYSTEMS
RISK MANAGEMENT ENHANCES OPERATIONS, PRODUCTIVITY, AND QUALITY
Besides devastating impacts to workers and their families, high-consequence low-frequency incidents are expensive for companies: reducing profit, sales, and stock price.1,2 Conversely, comprehensive risk management improves operational performance, productivity, and quality.3,4 Companies with mature risk management systems are valued as much as 25% higher.5 Despite this, only 3.4% of organizations have mature processes to actively identify, evaluate, and manage their risks. Thus, comprehensive risk management is a differentiator.
To improve your company’s management of risk, predictive measures must become embedded in your management systems. However, only 32% of companies use leading indicators and just 11% fully use technology.6
HOW DO WE GLEAN INSIGHTS FROM INCIDENT REPORTS AND OTHER DATA?
Using our expertise in risk, strategy, and machine learning; decades of operational, regulatory, and research experience in energy, mining, construction, and transportation with serious incidents and fatalities, we take inputs and process these to give you results:
- Insightfully combine advanced data analytics and machine learning, process safety and risk management methods, and strategy and human factors analysis.
- Use our uniquely insightful evidence-informed methods, published in leading international peer-reviewed journals.
- Patented our methods when we realized our data analytics could directly improve companies’ risk management systems.
- Leverage data fusion techniques to analyze your existing data from various sources – inspections, incidents, operational performance, employee surveys – and use theory-informed machine learning methods to ‘see’ missing leading indicators (the weak signals) to help you understand and improve your risk management systems.
- Create hazard inventory from your existing databases and site visits.
- Conduct surveys and triangulate findings with other data sources using Natural Language Processing (NLP).
- Use these algorithms and data visualizations to improve companies’ risk management systems.
- Currently offering these as a service, but are automating our data cleaning, analysis, data-fusion, and visualization processing pipelines, so that these can be offered as a product; perhaps even bundled with MS Power BI or Enterprise Risk Management (ERP) software.
To discuss how you can analyse the gaps in your company’s risk management system, contact us: Dr. Lianne Lefsrud, P.Eng., CEO, Insight Risk Systems. 780.951.3455 or lianne.lefsrud@insightrisksystems.com
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