Sphera, a provider of integrated risk management software and information services, has announced the launch of its operational risk management (ORM) digital twin software solution on the SpheraCloud platform
The digital twin software brings together data collected from enterprise systems, mobile applications, sensors and human-derived inputs as part of an Industrial Internet of Things (IIoT) strategy to create a computer-generated risk map. This allows companies to obtain a simulated view of their operational risk on SpheraCloud in real time.
The technology includes an early warning system that makes all risk exposure visible, prominent and available in real time. This is designed to help reduce organisations’ vulnerability to high-potential near-misses and major hazards.
ORM digital twin technology enables companies to improve their risk management capabilities while improving productivity and managing costs.
According to the 2019 Operational Risk Management Green Quadrant report written by the independent industry analyst firm Verdantix, Sphera’s ORM for operational solutions, formerly known as Petrotechnics, received the highest score among all software providers for digital twin capabilities.
As noted by Verdantix: “Sphera undoubtedly now offers the broadest range of functionality for operational risk management.”
Paul Marushka, Sphera’s president and CEO, said, “SpheraCloud’s ORM Digital Twin software application provides a virtual representation of a physical asset and is used to monitor the performance of the asset in real time in identifying potential risks. Industry 4.0 technology offers an unprecedented advancement in Operational Risk Management that will help organisations keep their people safe, their products sustainable and their operations productive.”
