Risk management software can do much more than compile data and act as a digital filing cabinet.
With the right features, risk management software can also help you collect employee observations, automate corrective and preventive actions, and lower your costs and liabilities.
Of course, every company's needs are different. A bank encounters very different types of risks than an oil refinery, and so they'll require very different things from their software.
In this post, we'll focus on the features that are most important for mid-size, multi-site companies -- especially those with stringent environmental regulations.
Here are 5 EHS risk management software features to look for:
How can you anticipate job-site hazards like unguarded machinery and improperly stored chemicals if you can't be everywhere at once? Mobile apps give you "eyes in the field", allowing anyone with a cell phone or tablet to capture risk observations, images, and video. Look for a highly configurable solution that adapts to the type of data you want to collect and is simple enough for casual users.
While most risk management software will have mobile capabilities, not all of them will allow you to collect data offline and sync later. This is an especially important feature for those times when you don't have a good WiFi connection. You should also look for a mobile platform that offers two-way sync to sync data from your device to the central database and vice versa for real-time awareness.
Risk scoring is a great way to handle risks across your company. As you collect observations from different employees at different facilities, automated scoring converts your raw data into standardized scores. With a consistent language to measure and compare risks, you'll be able to focus your mitigation efforts on the most significant hazards.
Mitigation action plans
How do you know which mitigation efforts are working? Or whether your team is following through on corrective and preventive action plans? Risk management software can help you automate the entire process, from generating notifications to assigning tasks.
Look for software that lets you configure custom rules to trigger actions or escalate findings. For example, findings from a safety incident investigation may trigger a corrective action task that must be completed prior to closing out the incident. Or, if air emissions exceed a permit threshold, a corrective action may be automatically assigned. Not only does this save time, it also ensures you never miss a deadline or other action.
Dashboard analytics and reporting
Dashboards allow you to view your entire risk profile at a glance. Want to know more about specific risk types or locations? Look for dynamic dashboards, which allow you to interact with your data and get additional insights when you click on data points, fields, or other elements.
Dashboards go hand in hand with reporting, allowing you to build custom reports to answer the most critical risk questions.
In addition to risk management software, many companies find that they also need software to manage their compliance and corporate sustainability programs. Rather than purchase each platform individually, it's smart to look for an all-in-one system that can handle tasks like managing emissions data, tracking training, and reporting for OSHA.
In addition to centralizing all your EHS activities, consider whether the software you're looking at integrates with your other business systems. A data warehouse tool is an especially important feature, as it allows you to easily export data to your financial, human resources, or other systems.