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Industry Challenge

Data-driven compliance and assurance for safety-critical industries.

Digital data abstract

The Challenge

The failure of critical equipment can cause hazardous conditions or accidents affecting workers, the general public or the environment in safety-critical industries including Oil and Gas, Supply Chain and Marine and Offshore. In order to comply with regulations and to ensure both worker safety and asset efficiency, operators must implement asset assurance procedures across these industries. Currently, ensuring confidence in an asset, or asset assurance, is delivered by an independent certified services firm. Their detailed inspections look at policy, procedure, documentation, risk management and internal and third-party audits. This process is resource intensive and quite static, for both the assurance firm and the asset owner.

This industry-wide challenge sought innovative digital solutions to transform the way we ensure confidence in an asset, shifting from an ad-hoc to a more dynamic and proactive process. The proposed solution should have been capable of drawing data from assets, procedures and people, as well as regulatory policy data, to give operators the ability to review and balance real-time changes to their assets and changes to regulations.

The Winner

AuditXprt (AIXprt) was selected as the winner for this challenge. The startup provides an Artificial Intelligence (AI) solution to atutomate regulatory compliance assurance and financial audit. More specifically, the solution atutomates the compliance testing of enterprise documents.

Take a look back at our previous safety and risk challenges.

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The Safetytech Report

Lloyd’s Register Foundation's new research forecasts that the combined global industry potential for the emerging safetytech market could grow to $863bn within three years.

Download the report now.

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