Dynamic Risk Management leverages real-time data to show potential impact of actions, decisions

Commonly used methods of risk assessment, like bowtie diagrams, are static and don’t reflect operational realities, said Andrew Hartigan, Director- Performance Optimization Business at Lone Star Analysis. A dynamic risk management approach, however, integrates real-time data from multiple sources including operators, contractors and third parties working on a drilling rig. Such an approach allows an operator to see the potential risk or impact of various actions or decisions, Mr Hartigan said at the IADC Drilling Engineers Committee Tech Forum on 9 November in Houston. In this video from the forum, Mr Hartigan explains how a dynamic risk management approach allows operators and contractors to “what-if” decisions before they’re made.