In this edition of the SpheraNOW podcast, Carrie Young, Sphera’s vice president of solutions consulting, discusses Risk Benchmarking, a recent innovation in Integrated Risk Management. Risk Benchmarking presents a way to move toward a more predictive mitigation model based on leading risk indicators so companies have a better understanding of potential incidents and near-misses so that they can proactively manage their Operational Risk.
Though incident rates and events have plateaued or even decreased for some companies and industries, the number of fatalities has increased over the years across the space. Safety is still a large focus for companies and poses significant challenges. Safety professionals are looking for ways to reverse this trend of rising fatality rates through new tools and techniques such as leading indicators and predictive analytics.
A standardized approach to incident management and a robust technology suite to underpin it puts a company on the path to success. However, measuring this success relative to the progress made by others in the space is also crucial to making sure a company’s safety processes continue to evolve. This is where risk benchmarking comes in. Sphera’s annual benchmarking studies are based on a multi-customer dataset to produce actionable metrics and indicators to help drive excellence in safety by examining and evaluating companies on 80-plus metrics to measure adoption and usage, reporting culture, process discipline, risk sensitivity and learning mindedness.
