Prometheus Group Ranked as Leader in Process Safety Management Software by Verdantix

Prometheus Group is proud to be announced as a leader in the process safety management software space by Verdantix for our Prometheus RiskPoynt solution. 

Verdantix, a leading independent research and advisory firm, recently released their Process Safety Management (PSM) Software Green Quadrant. In this Green Quadrant, Verdantix ranked 15 solution providers on functional capabilities, advancements for mobile PSM, integration capabilities between PSM and enterprise asset management (EAM) systems, and PSM solution provider future vision. These vendors were: 

Verdantix Green Quadrant Process Safety Management Software Vendors
  

To create their Green Quadrant, Verdantix leveraged their previous research, administered questionnaires, analyzed three-hour long virtual demonstrations, and interviewed PSM software customers. The results are visualized with the following matrix. 

How Verdantix Evaluated Vendors in Process Safety Management Green Quadrant 

Within the report, Verdantix made their evaluation based on 15 Process Safety Management solution capabilities, including:  

• Platform interoperability & integrations 
• Mobile app product architecture & use cases 
• Platform - business intelligence 
• Platform – configurability 
• Platform - deployment option 
• User interfaces 
• Process safety information management 
• Hazardous chemical management 
• Connected worker safety 
• Contractor management 
• Control of work 
• Incident management 
• Management of change 
• Mechanical integrity & asset health 
• Risk management
  
  

Rating Scale for Verdantix Process Safety Management Green Quadrant 

For each of these capabilities, Verdantix assigned a score based on a scale from zero to three. The meaning of each score is as follows: 

• 0 = No response provided or publicly available, or supplier has a weak offering. 
• 1 = Vendor provides evidence of moderate capability, with limited references to customer examples. 
• 2 = Vendor provides evidence of strong capability, supported by a broad set of references to customer examples. 
• 3 = Vendor provides evidence of market-leading capability, supported by a broad set of references to customer examples. 
  
  

How Prometheus Group Ranked in Verdantix Process Safety Management Green Quadrant 

For 9 of the 15 capabilities, Prometheus scored a two or above, representing strong capability supported by customer examples. Prometheus Group is among only 5 of 15 providers scoring 1 or higher in all 15 capabilities evaluated. Moreover, Prometheus Group ranked second highest out of all vendors for mobile app product architecture & use cases, platform business intelligence, and process safety information management. In the report Verdantix mentioned: 

“Scoring 2.5/3.0 for risk management – the second-highest in this Green Quadrant – Prometheus Group’s acquisition of RiskPoynt has brought compelling barrier management capabilities in-house, with its risk management module allowing operators to test mitigation scenarios and visualize barrier health. For both physical process information management and asset information management, Prometheus scored 3.0/3.0. 

Meanwhile, the firm’s CoW solution offers a customizable hazard identification and risk assessment (HIRA) library for storing interrelated work categories, hazards and controls, with the ability to track simultaneous operations (SIMOPS). ePAS also offers dynamic isolation workflows, templates, reporting, and dashboards through strong business intelligence (BI) tools, with the firm scoring 2.6/3.0 in this category.” 

Select a Leading Process Safety Management System to Manage Your Safety 

We are extremely excited to have Prometheus RiskPoynt featured in Verdantix’ Process Safety Management Green Quadrant. 

As part of our integrated and intuitive platform, Prometheus RiskPoynt enables organizations to gain improved visibility into their operational risk management to decrease risks, increase uptime, and maximize efficiency.  

Prometheus Group Process Safety Management Software Overview

Definition and Purpose

Process Safety Management (PSM) software is designed to ensure the safe operation of high-risk industrial processes by systematically identifying, analyzing, and managing risks associated with hazardous chemicals, assets, and operations. It enables organizations to comply with regulatory standards, minimize risks, and optimize operational efficiency. Prometheus Group’s PSM software, particularly RiskPoynt, focuses on integrating operational risk management, improving visibility into risks, and providing tools for mitigating them effectively. 

Key Features and Capabilities

• Integration with Enterprise Asset Management (EAM) systems.
• Advanced mobile app product architecture for on-the-go use cases.
• Business intelligence and dynamic reporting tools.
• Comprehensive hazard identification and risk assessment (HIRA) libraries.
• Customizable workflows for simultaneous operations (SIMOPS) and isolation management.
• Visualization of barrier health and testing mitigation scenarios. 

Benefits of Implementing PSM Software

• Increased operational uptime by reducing risks and managing hazards effectively.
• Enhanced compliance with safety regulations and industry standards.
• Improved decision-making through data-driven insights and risk visualization tools.
• Streamlined processes for incident management, change management, and worker safety.

Understanding Process Safety Management (PSM)

What is a Process Safety Management Program?

A Process Safety Management program is a structured approach to managing risks associated with hazardous processes, especially in industries dealing with chemicals, energy, and other high-risk operations. It encompasses policies, procedures, and tools to prevent accidents, protect workers, and maintain safe operations. 

Importance of PSM in High-Risk Industries

PSM is critical for industries like oil and gas, chemicals, and manufacturing where hazardous materials and complex operations pose significant safety risks. A robust PSM program helps prevent incidents, reduce downtime, and ensure the well-being of employees and the environment. 

Regulatory Standards and Compliance (e.g., OSHA)

Regulatory bodies like OSHA (Occupational Safety and Health Administration) enforce stringent PSM standards to ensure worker and environmental safety. Compliance with these standards is mandatory and involves regular audits, documentation, and continuous improvements in safety processes. 

What are process safety systems?

Process safety systems are the tools, technologies, and processes that organizations use to manage risks, ensure operational safety, and maintain regulatory compliance. Examples include: 

• Hazardous chemical management systems.
• Incident reporting and investigation tools.
• Risk management and assessment platforms. 

Key Considerations for Choosing PSM Software

Integration with Existing Systems

Integration capabilities are a cornerstone of effective PSM software. The software should seamlessly connect with existing systems such as Enterprise Asset Management (EAM), Enterprise Resource Planning (ERP), and other critical operational systems to ensure a unified flow of data and processes. 

User-Friendliness and Accessibility

The usability of PSM software directly impacts its adoption and effectiveness. It should feature an intuitive interface that minimizes the learning curve for users, including operators, field workers, and management teams. 

Customization and Scalability

No two organizations have the exact same processes or risk profiles, making customization a critical factor when selecting PSM software. Similarly, scalability ensures the solution remains effective as the organization grows or evolves. 

Support and Training Options

Comprehensive customer support and training programs are essential for a smooth implementation process and long-term software success. 

Implementing a Process Safety Management Program

Steps to Deploy PSM Software

A well-structured PSM software deployment process not only enhances the effectiveness of the software but also drives long-term adoption and measurable improvements in safety and compliance. Below are the key steps to guide organizations through the deployment of PSM software: \

1. Assess organizational needs and identify key risks.
2. Select a PSM software solution based on capabilities and integration potential.
3. Configure the software to align with organizational processes and workflows.
4. Train employees and ensure system adoption.
5. Monitor performance and make continuous improvements. 

Best Practices for Successful Implementation

• Conduct a Thorough Risk Assessment Before Deployment
  • Ensure all potential risks are identified, categorized, and prioritized before deploying the software. This ensures the program is tailored to address the most critical safety concerns. 
• Involve Cross-Functional Teams During Software Configuration 
  • Collaboration between safety, operations, IT, and management teams ensures the software configuration reflects the organization’s unique needs and workflows. 
• Set Measurable Safety and Compliance Goals 
  • Define clear objectives for the PSM program, such as reducing incident rates by a certain percentage or achieving specific compliance certifications. Measurable goals provide a benchmark for success and guide continuous improvement. 
• Regularly Review and Update Safety Processes 
  • Safety risks and regulatory requirements evolve over time. Regularly revisiting and updating processes ensures the PSM program remains effective and compliant with industry standards. 

Case Studies and Success Stories

Prometheus Group’s RiskPoynt has been widely recognized for improving safety performance in high-risk industries by providing real-time visibility into operational risks and enabling proactive decision-making. 

• Tullow Oil
• Royal Dutch Shell

Features of Leading PSM Software Solutions

Advanced Risk Assessment Tools

Leading PSM software solutions provide comprehensive tools that allow organizations to identify, evaluate, and prioritize risks systematically. These tools help organizations address potential hazards before they escalate into incidents, enhancing overall safety and operational efficiency. 

Incident Investigation and Reporting

Incident management is a cornerstone of any PSM program, and modern PSM software streamlines this process with robust tools for recording, analyzing, and tracking safety incidents. 

Compliance Audits and Documentation

Regulatory compliance is critical in high-risk industries, and leading PSM software facilitates this with automated compliance tracking, audits, and documentation tools. 

Management of Change (MoC)

Changes to processes, equipment, or operations can introduce new risks. PSM software with MoC functionality ensures that all changes are managed safely and efficiently. 

Employee Training Modules

Safety awareness and compliance depend on well-trained employees, and leading PSM software often includes training modules to address this need. 

Emergency Planning and Response

Preparation is key to minimizing the impact of safety incidents, and PSM software can assist with emergency planning and response. 

Enhancing Safety and Compliance with PSM Software

Improving Risk Management Processes

Process Safety Management (PSM) software transforms risk management by equipping organizations with advanced tools for real-time risk visualization and proactive decision-making. It allows organizations to move beyond reactive safety practices and adopt a proactive approach to mitigating operational risks. 

Enhancing Safety Culture and Employee Engagement

A strong safety culture is the foundation of effective process safety management, and PSM software plays a crucial role in fostering this culture by actively involving employees in safety practices. 

Continuous Monitoring and Performance Management

The ability to continuously monitor safety metrics and evaluate performance is a hallmark of leading PSM software, enabling organizations to achieve sustained improvement in safety and compliance. 

Book a Demo Today 

Process safety management is not just a regulatory requirement—it’s a critical component of operational excellence. Implementing the right PSM software enables organizations to minimize risks, enhance safety culture, and maintain compliance with industry standards. From managing changes in operations to ensuring seamless integration with existing systems, the right solution can transform how you approach safety and risk management. 

Prometheus RiskPoynt is purpose-built to meet these challenges. With advanced features such as real-time risk visualization, customizable workflows, and dynamic hazard management, RiskPoynt helps organizations proactively identify and mitigate risks, improve operational efficiency, and ensure regulatory compliance. Our platform integrates seamlessly with your enterprise systems, enabling your teams to make data-driven decisions and foster a safety-first culture across your organization. 

Want to learn more about how Prometheus RiskPoynt can help you improve your operational risk management? Contact us today to get a personalized demo.