Product Insights

Risk management in capital projects is vital for success. Using global standars, and Omega 365, it involves planning, identifying, analyzing, responding, and monitoring risks. Omega 365 enhances this with tools like AI-powered identification of risks and mitigating mesaures, Monte Carlo simulations, risk registers, and live dashboards. It supports early risk identification, structured assessments, and actionable responses. Continuous learning, addressing both threats and opportunities.

Omega 365 AI Assistance enhances risk management by identifying risks across datasets, assessing risks with structured suggestions, and improving risk register quality. Knowledge Packs provide tailored AI support while ensuring data security and user control.

A new feature in Risk Management allows teams to set target risk levels, defining desired post-treatment risks. Targets are displayed in the matrix for clear comparison with current risks, aiding structured risk management per standards like ISO 31000. Risk Managers can set, update, or delete targets, visible as "T" in the matrix. Practical uses include tracking strategic, operational, and project risks. The feature launches in early August, enhancing risk reviews and decision-making.

AI-powered tools enhance risk management by identifying, registering, and mitigating risks. Users can engage in AI-driven conversations to refine insights, generate risk suggestions, and define mitigation measures.

Monte Carlo simulation is a mathematical technique that uses random sampling to estimate the probability of various outcomes in a process that’s uncertain or unpredictable, and if often used in Risk Management to provide valuable insight into the projects risk exposure.