TPSCO’s Operational Risk Management Application, RiskPoynt, has been recognized by several major oil and gas companies as “best of breed” software for the management of operational risk. In 2017, Shell, OMV, Tullow, Bumi Armada and Chrysaor have all expanded their use of RiskPoynt.
The RiskPoynt team is excited about the growth and imminent release of Version 6. It contains a full suite of tools to enable customers and partners to implement facilities with minimal technical assistance from TPSCO. In addition, it includes “Helix,” an inter-dependency risk visualization process. Looking further ahead, our product roadmap includes predictive analysis that generates future barrier conditions.
Growth has been rapid during 2017, and we have further refined our implementation process to enable fast deployments over a wide range of asset both upstream and downstream. Sites that use RiskPoynt to manage operational risk have doubled during 2017 to more than 100, and we expect an even larger increase in 2018. This year, implementations have shown to be a painless and cost-effective exercise, with each subsequent implementation demonstrating diminishing cost to the client. Our background in the implementation of complicated ERP systems has enabled the development and deployment team to focus on what is important – an intuitive, effective, easy to understand, secure, cloud-based product that is quick and simple to implement.
In 2018, we expect to expand our vertical footprint into water and power utilities, cyber security and downstream oil & gas production. We will also continue to broaden our upstream installation base and incorporate the full cycle of assets – from construction to decommission.
We are excited about the new customers that will be joining us in the year ahead and look forward to furthering the management of risk and providing an excellent return for investors in 2018.
Malaysia-based Bumi Armada Berhad has gone live with RiskPoynt at its FPSO facility in the North Sea and has begun implementation on another asset in Indonesia. Read More.
Austria-based OMV has further implemented RiskPoynt at sites in Romania, Austria and New Zealand. They expect to complete sites in Tunisia and Kazakhstan during 2018. Read More.
Chrysaor went live with RiskPoynt in November after taking control of three ex-Shell sites. Chrysaor stated that the product was key to daily operations and was painless to implement. Read More.
Shell announced that it has signed a global agreement for RiskPoynt and is moving all current RiskPoynt sites to the cloud-based product. Operation managers have stated that RiskPoynt is a key component of managing risk and has become a major part of morning meetings – both on facilities and in corporate offices.