Risk management in high-risk industries: emerging trends, key challenges

Achieving sustainable and safe operations with a dynamic risk management program

In high-risk industries like oil and gas, chemical or heavy manufacturing, implementing modern risk management is essential. Whether safeguarding employee health, protecting against cyber threats, or ensuring compliance, staying informed on the latest trends and tools is critical. 

At DNV, our expertise in risk management is built on decades of experience and a commitment to innovation. Our customers increasingly recognize the rapid pace of change.

Key challenges in risk management

Here are some of the key risk management trends shaping high-risk industries today:

  • Cybersecurity at the forefront: High-risk industries face growing vulnerabilities as they rely more on digital tools and interconnected systems. A surge in cyberattacks means higher risk of disrupted operations, stolen data and damaged reputations. 
  • Using artificial intelligence (AI): Organizations are increasingly leveraging AI-powered technologies and real-time risk assessment tools to detect, predict and prevent incidents. This proactive approach not only safeguards assets but also helps ensure compliance with evolving regulatory standards in an increasingly digital world. 
  • Advanced risk technology: The future of risk management lies in integrating AI, predictive analytics, and compliance standards. Adopting a strategic, technology-driven approach ensures not only compliance, it also is key for operational excellence and long-term sustainability. Centralized platforms with integrated IT systems can collect large datasets. By combining this data with AI and predictive analytics, teams can predict hazards and react before they occur. Risk management tools also automate processes, reduce human error, enhance efficiency, and ensure compliance with data privacy regulations. 
  • Workforce dynamics and employee retention: There are increasing risks associated with workforce changes, such as turnover, skill gaps or shifts in organizational structure. These transitions can disrupt operations, reduce institutional knowledge, and impact safety performance. To address these risks, organizations must invest in robust safety management systems, provide comprehensive training programmes, foster a risk-aware culture and ensure clear risk ownership. 

Achieve a holistic view of risks with Synergi Life risk management software

With DNV's Synergi Life risk and barrier management software, organizations can move from reactive to proactive risk management. Synergi Life provides a single solution for managing operational and business risks, with tools to easily monitor barriers and their status. Automated processes translate to cost and time savings, improving efficiency. Analytics and visualization provide valuable insights and uncover trends.

How are organizations leveraging Synergi Life risk management software?

altera employeeAltera Infrastructure: Altera Infrastructure, an international oil and gas solutions provider, uses Synergi Life to centralize and enhance its risk management processes. Initially adopted to address incident management, the platform's use has expanded to include audit and risk management, supporting both onshore and offshore activities. Synergi Life has become integral to Altera's operations, enabling comprehensive risk monitoring, action management, and collaboration between teams. It provides a powerful way to actively monitor the overall risk picture.

Read more about Altera Infrastructure's risk management solution with Synergi Life

 

skanskaSkanska: Skanska, one of the world's leading companies for construction-related services and project development, has significantly enhanced its Health, Safety, Environment, and Quality (HSEQ) management with Synergi Life. With around 4,100 employees in Norway alone, Skanska needed a robust solution to manage and reduce operational risks effectively. The lost time injury (LTI) rate dropped significantly from 22 to 5 in just three years, demonstrating the effectiveness of the system in improving safety performance. The system has been instrumental in preventing accidents, leading to cost reduction benefits and enhanced safety measures.

Explore how Synergi Life is first choice for Skanska

 

Responding to increased complexity

In summary, risk management in high-risk industries is becoming increasingly complex due to challenges such as cybersecurity threats, environmental risks, and workforce changes. Organizations must adopt advanced strategies, including AI-powered technologies for real-time risk assessment, HSE and quality management systems and proactive measures like continuous monitoring and collaboration. Clear risk ownership and fostering a risk-aware culture are essential for improving safety performance and ensuring compliance with evolving standards.  

Tools like Synergi Life play a pivotal role by streamlining incident reporting, action management, and compliance tracking, enabling organizations to predict, manage, and mitigate risks effectively. By embracing these practices and technologies, industries can enhance resilience and achieve sustainable, safe operations.