OPERATIONAL RISK MANAGEMENT

Are you spotting accidents before they occur?

Transform risk management, including monitoring and mitigating human error, with LR’s data driven tools and services

Have a challenge?

Our client needs

Risk analysis is evolving and companies that keep pace are better able to prevent accidents and human error. With more than 250 years of risk analysis expertise, LR can help you advance through the three stages of operational risk management maturity:

1

Hindsight

Most companies today use descriptive analytics based on incident reporting to understand what happened.
2

Insight

Some companies are going further, using diagnostic insights and root cause analysis to establish why accidents happen.
3

Foresight

Pioneers are starting to use real-time predictive and prescriptive analytics to predict what will happen – and intervene to prevent the incident occurring.

The challenges we see

Our customers approach LR to deliver innovative solutions across a range of critical and complex challenges they face in HSE. A common requirement is the need to extend the processing of near miss and incident reports to include a true root cause analysis based on diagnostics, typically of many thousands of data points. Customer requests can also be very specific to their operating environment, asking for solutions to address staff fatigue and wellbeing, or for body condition monitoring via temperature tracking in extreme working conditions, and location recognition for “man-down” scenarios. Others want simple tailored training solutions to help staff improve situational awareness when working at height, lifting heavy goods or operating machinery.

The capabilities we leverage

LR is at the forefront of understanding the application of new science and technology to future-proof client businesses, harnessing and analysing data to provide our customers with rich management information and innovative decision-making tools.

Our analytics platform and capabilities process vast quantities of data and reference its own benchmarks. The combination of big data and natural language processing allows us to infer new patterns and identify heightened risk – produced as heat maps and tailored management recommendations.

LR also draws from collaboration with best-in-class technology providers in wearables and advanced sensing capabilities to assemble integrated solutions around risk tracking.

LR was first to market with its award-winning AR & VR safety simulation and risk recognition technology. This provides safety-critical training in a safe environment which can be deployed in client premises or used at one of LR's many training facilities around the globe.

Body condition monitoring using wearable device — Body condition monitoring using a wearable device

The approach we take

LR takes an agile and collaborative approach to innovation. Our 'innovation partnership' model uses pilot projects to prove the potential of new technology and operationalising processes before scaling solutions globally.

Have a challenge for us?

If you have an operational risk challenge, we can help you co-create a solution. You'll benefit from a workshop environment and LR expertise to explore potential solutions, develop a programme of work that will ultimately result in a pilot to form a business case for full deployment. Interested?