Most risk monitoring and evaluation is both discrete and qualitative, making it ineffective as an evaluation tool. To truly be useful, risk must be evaluated in a probabilistic quantitative manner incorporating the cumulative effects of predecessor and dependent actions. When done correctly, the results provide powerful insight into how operations should be managed in order to maximize the likelihood of success while minimizing financial, health and safety, environmental, and other risk elements.
Lone Star has deep experience creating solutions that evaluate operational risk. Both our TruNavigatorTM and Integrated Risk Information System (IRISTM) assist customers in understanding how decisions today impact future operational risk in a cumulative probabilistic manner. AnalyticsOSTM, a real-time predictive and prescriptive analytics platform, has incorporated the Bow Tie Risk Assessment methodology. When combined they assist companies in evaluating operational risk at the point of occurrence to deliver instant awareness and enable customers to minimize or eliminate events before they occur.