IHS Markit

Lloyd’s Register Improves Customer Risk Assessments While Increasing Project Efficiency and Productivity


Courtesy of IHS Markit

Founded in 1760, Lloyd's Register can trace its roots back to Lloyd's Coffee House, a social hub in London’s maritime district that was frequented by merchants, underwriters, and brokers associated with shipping. Today, Lloyd’s Register works to enhance the safety of life, property and the environment, at sea, on land and in the air, helping its clients to ensure safe, responsible and sustainable supply chains. The company is recognized as a world leader in assessing the alignment of business processes and products with internationally recognized safety standards, serving clients that range from vast multinational corporations to small local businesses.

Lloyds Register’s provides its clients with the highest possible business value by continuously improving its own work processes and tools. When experts at Lloyd’s Register saw an opportunity to strengthen and streamline one of its primary service mechanisms, the client risk assessment meeting, they took up the charge. They wrote an internal business case – for the implementation of a new system that would help them interact more effectively with clients during the meetings and to expedite follow up actions – and received approval.

In early 2012, Lloyd’s Register implemented IHS PHA Pro (part of the IHS Operational Risk Management Solution), flexible desktop software that helps individual users conduct Process Hazard Analyses (PHAs) – including hazard and operability (HAZOP) and “what-if” analyses. With preformatted industry-standard PHA templates and libraries, the IHS software enables Lloyd’s Register experts to focus on identifying, assessing and resolving the client’s potential safety management issues.

“I attend the meetings with our principle safety engineers,” said Gemma Burton, Business Support Specialist with the London Energy Team. “We run through a list of different scenarios relating to new ship builds, new terminals and functional units. We help our clients make sure that they are compliant with all of the relevant rules and regulations, ensuring safety for everyone.”

In the past, meeting notes had to be captured by the engineers and support specialists in the meeting. Data about the client’s specific risks, safeguards, recommendations and actions would be entered into various word documents and spreadsheets. Afterwards, all of that information would have to be manually combined into a single draft document and circulated to the team that had attended the meeting. Each attendee would have to spend additional time checking to see that information from their discussion had been captured correctly and included in this encompassing document. Consolidation of information could take days and people could not see each other’s comments until they were issued in a draft revision. Important points made during the meeting might even get lost in the process.

The Challenge

  • Accelerate delivery of risk assessment services provided to clients
  • Consolidate input from client risk assessment meetings into standardized tool
  • Increase internal work process efficiencies and team productivity

The Solution

  • IHS Operational Risk Solution with IHS PHA-PRO

The Results

  • Easily captured client risk assessment data in real-time and organized information into industry best-practice framework
  • Dramatically reduced time required for delivery of findings to clients – often eliminating need for drafts and revisions
  • Increased productivity during team meetings by helping experts focus on client issues
  • Improved communications as client comprehension rose, language barriers fell
  • Increased client satisfaction because they see new efficiencies and improved results

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