The Key Risk Ranking Indicator System is being relaunched with new features

The Key Risk Ranking Indicator System (KRRIS), a software-based product that enables underwriters and corporations to analyse and identify risk, is being relaunched with new features.

Originally developed for the onshore oil, gas and petrochemical sectors, there are now versions covering offshore energy, power stations, mining, construction and general industrial premises. In addition, bespoke versions are being made available.

KRRIS summarises risk information making it possible to see where main exposures lie and providing guidance to the allocation of resources.

Doug Scott, risk engineering consultant at Charles Taylor adjusting, the firm behind the product, said: “Underwriters, risk managers and brokers have told us they value KRRIS for its transparency, objectivity, comprehensiveness and ease of use. We believe it has now reached a new level of effectiveness and flexibility.”

Jesper Bang Anderson, risk manager at Danish energy company DONG Energy, among the users of KRRIS, commented: “The KRRIS analysis gave us a risk management overview on issues such as fixed fire protection, procedures & controls, disaster recovery issues and emergency response plans. At the same time we got a robust platform for future decisions on where and how to prioritise our effort - a process that would otherwise have taken much more time and effort. The resulting discussion of strategic risk management issues was meaningful from day one and easily made operational as KRRIS provided us with a common basis”.