After five years in development, patented risk management software, developed in Hull hits the ground running, targeting a share of a $7.39bn market.
A team of engineers and analysts at Hull-based OSL Risk Management (OSLRM) have launched a world-first risk-based analytical software, to make data-driven investment decisions that accelerate projects in environment, energy and finance.
Patented and trademarked, DecRisk Integrated Projects reduces risk with real-time information, to aid the big decisions, in place of gut feelings and past experiences.
The start-up business has integrated five patents into the company, including trademarks, for project management, enterprise risk management, economic analysis, financial risk and portfolio management.
From these patents, the OSL team developed the software to overcome and reduce strategic risks around climate change investments, decarbonisation, energy integration, and decommissioning projects.
Implemented by large enterprises, DecRisk is also accessible to SMEs as a licensed product.
Dr Elvis Hernandez led the design of DecRisk Integrated Projects. He said: “Global energy organisations are creating business opportunities from fossil fuels to renewables. However, decarbonisation strategies carry many risks, such as financial, project management, environment, safety, people, insurance, contracts, maintenance, and operations.
“Making a wrong decision can destroy business performance. Therefore, DecRisk simulates possible outcomes to give users a competitive edge. Investors can decide – pull-out or proceed – the data doesn’t lie.”
The project has been funded by a £250,000 investment from OSLRM and received £10,000 R&D funding.
DecRisk Integrated Projects is the culmination of five years’ research and development under four directors; Dr Hernandez has a PhD in finance and a PhD in engineering ccience, with advanced studies in decision analytics and operational research.
Alastair Robertson is a partner of OSL Consulting Engineers, based at Priory Park East and chartered process engineer with more than 30 years of experience in the energy industry, managing projects in the UK, Germany, Africa and the Middle East.
Nick Jones, also a partner of OSL Consulting Engineers and chartered mechanical engineer with more than 30 years of experience managing energy projects in the UK continental shelf. He is also a mechanical technical authority in the UK.
Based in the US, Dr Johnathan Mun is also CEO of Real Options Valuation and software creator and inventor of multiple patented technologies in risk management and data science. Formerly vice-president of analytics at Decisioneering Crystal Ball, acquired by ORACLE.
Alastair Robertson said: “The key focus for our clients right now is having the tools to mitigate decarbonisation risk. For organisations in the middle of developing a decarbonisation strategy, it is possible to determine the value for money in integrated projects and business strategies – this is where we add value.
“DecRisk is formulated through risk analytics software, training and consulting. The technologies, methodologies and algorithms have been tested through projects in energy, real estate, and telecommunication companies across the globe.”