OFS Buyers Guide to Data-Driven Aviation Risk Solutions

DATA-DRIVEN

AVIATION RISK SOLUTIONS Your buyers guide

ABOUT THIS GUIDE The world is a noisy place and there’s no escaping the fact that global skies are getting busier. The most recent estimates suggest that demand for air transport will increase by an average of 4.3% per annum over the next 20 years. By the mid 2030s at least 200,000 flights are expected to take off and land across the globe every day. That’s an increase of 42% from today’s figures and equates to six billion passengers compared to today’s 4.3 billion figure.

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As skies become more congested and air traffic control moves closer to capacity, the impacts of events including social conflict, civil unrest and protests, terrorist attacks, systems failures, power outages, cyberattacks, as well as natural disasters such as volcanoes, earthquakes and pandemics are likely to become more frequent and more disruptive to flight operators.

Flights that are delayed, cancelled or diverted cost their companies millions, let alone the disruption to passengers and business operations for cargo carriers.

There is also the significant cost of compensation and loss of reputation from passenger disruption to consider.

To limit the impact of these events, flight operators, whether you’re a commercial airline, private or cargo operator or aircraft lease company, need to be able to predict the risks faced by every single flight. With accurate intelligence and forewarning, disruptive events can be anticipated and avoided, or at the very least, the impact can be minimised through effective contingency plans such as re-routing flights or adjusting operations.

The good news is, over the last decade advancements and innovations in technology have made predictive, proactive risk management possible for the aviation industry. The latest generation of security risk intelligence solutions provides access to real-time, accurate and relevant intelligence on how your aviation operation will be affected by events. Combined with technology that streamlines and automates intelligence sharing with key stakeholders for fast, effective decision-making, predictive risk management has become a game changer for the airline industry.

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2 https://www.icao.int/Meetings/FutureOfAviation/Pages/default.aspx

Are you ready to embrace predictive risk management?

While some air operators and stakeholders still rely on the more traditional approach of crisis response as their primary mitigation strategy, many, including insurance brokers, are embracing emerging predictive risk management tools and transforming their operations and opportunities.

With so many risk management tools available, it can be difficult to know which approach and solution provider is best placed to support your operations. This guide is designed to be both a primer and a toolkit - to help you decide whether predictive risk management is the right approach for your aviation operation.

The guide has been created to help you assess and address your operation’s main objectives for a risk management solution and help you select and validate the right solution provider and partner.

Perhaps you’ve got complete clarity over what solution your operation needs but would really benefit from some guidance around selecting your vendor and putting your business case together. This guide can also help you here. It has also been designed to help support you in building your business case and to provide advice on planning and measuring the success of your chosen solution.

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We hope you will use this as a useful reference as you research and select the right risk management solution for your operation. We trust you will find it a valuable resource.

To help you use it we’ve broken the guide down into the following sections

ASSESSING YOUR NEEDS, OBJECTIVES, AND OPTIONS This section provides the foundation information and the critical questions you should be asking before you embark on finding and selecting your risk management solution.

SELLING YOUR SOLUTION INTERNALLY Emerging predictive risk management tools have only been possible and available within the last ten years. As such, they are not always well understood. This section will expand on who you need to involve in your selection and approval process, why it matters to them and how to build your business case.

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SELECTING THE RIGHT SOLUTION Once you’re confident about what your operations need and what value a risk management solution will deliver, this section outlines the different options available and considerations to help you select the right solution and partner

PROVING YOUR RESULTS Investing in a risk management solution is only the first step to transforming your operations. Planning early in the process about how you will track, capture, and report success, and how you will optimise the solution across your operations will ensure success and Return on Investment.

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TABLE OF CONTENTS ABOUT THIS GUIDE

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Are you ready to embrace predictive risk management?

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Assessing needs, objectives & options Selecting the right solution for you Selling your solution internally Proving your Results

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ASSESS YOUR NEEDS, OBJECTIVES, & OPTIONS

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Understanding your risk assessment options

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Crisis response Consultancy and tech solutions Next-generation risk intelligence solutions

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Is predictive risk management right for you?

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Action Step: Assessing your needs

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SELECTING THE RIGHT SOLUTION FOR YOUR ORGANISATION

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Building your solution capabilities checklist

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Action Step: Vendor Selection Guide

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Validating your Solution partners

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Action Step: Partner Capabilities

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SELLING YOUR SOLUTION INTERNALLY

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Building the Business Case

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Identify the challenge and your recommended solution Demonstrate thorough analysis of the problem, potential solutions and risks Formalise the financials

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Action Step: ROI calculations

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Identify the project team and business owners

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People to include in the process and why it matters to them

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Action Step: Your business case

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PROVING YOUR RESULTS AND MEASURING SUCCESS

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Planning for success

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Measuring Success

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Selecting your measurements

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NEXT STEPS

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ASSESS YOUR NEEDS, OBJECTIVES, & OPTIONS This section of the guide is intended to help you think through all your operations’ possible needs, so that you’ll be confident that you’re selecting the solution that will deliver and drive the most value across your business.

The content is based on countless hours of conversations with our own clients and prospects about “what they wished they would’ve known” but, if you feel you’ve already got a clear handle on exactly what you need and why, feel free to skip this section and move on to section 2 - Selecting the right solution.

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Understanding your risk assessment options Let’s take a look at the three main options available to you:

Crisis response Boots on the ground Human generated situation, client specific alerts and updates Integral part of Risk Management strategy In the dynamic aviation industry, crisis response has always and continues to play a crucial role in safeguarding assets, ensuring operational continuity and protecting the interests of airlines, business aviation, cargo carriers and aircraft lease companies. Having boots on the ground enables them to provide responsive and timely situation updates (alerts) to clients with the ability to help during a crisis and with bespoke written reports.

Consultancy and tech solutions Crisis Response Instant access to information database and downloadable reports Tech supported data for analyst reporting Traditional approaches to risk management involve utilising analysts, boots on the ground, and increasingly leveraging technology to help clients access their report database at convenience providing situational intelligence on prospective disruptive events.

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Next-generation risk intelligence solutions Tech first solution (pure tech, human/AI) Systematic approach to structuring, modelling and predicting intelligence Live assessments at time of request (provides the confidence to take action) A technology-first solution, taking a data-driven approach to risk intelligence, the result is actionable aviation-specific intelligence regarding potential disruptive events, delivered directly into the hands that need it with live risk assessments, and proactive alerts, to help automate and streamline internal processes.

As with any digital transformation project, deploying a risk mitigation solution is not only a significant investment, you also need to factor in the time and resources required for training, to ensure the solution is readily adopted across your operations and you receive maximum value and ROI.

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Is predictive risk management right for you?

As the leader in aviation-specific security risk information and analysis, Osprey provides predictive risk intelligence to a large number of the world’s biggest airlines, cargo carriers and other operators, as well as government organisations and insurance brokers and underwriters. Working with these organisations has enabled us to identify some of the most common drivers for adopting a dynamic, predictive risk management approach.

Why not leverage this list to determine whether predictive risk management is right for your operations?

Do we need fast access to reliable risk information?

Do we need to be able to visualise and analyse risk information?

Would we benefit from the ability to monitor the changing risk for every flight route?

Do we need assistance with researching new routes using reliable, up-to-date information?

Would we benefit from access to country, airport and airspace reports?

Do we need to automate the process of identifying the operational impact of risk information and reduce reliance on manual processes?

Do we need to automate the process of collecting regulatory overflight notices and advisories?

Do we need to automate the process of creating flight risk assessments?

Do we need to automate records for ICAO and insurance audits – to demonstrate a responsible approach to risk mitigation and potentially reduce premiums paid?

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If you’re still not sure which approach best suits your aviation operations, ask yourself these three questions…

DO WE NEED RELEVANT ACTIONABLE INTELLIGENCE? Will having pertinent and actionable intelligence relating to events that may impact the countries, airports and airspace we are operating that helps us to manage potential disruptions to flights important to our operations? Would it be useful to be able to actively monitor and understand changing risk levels and make informed and calculated decisions on the optimal course of action or are we comfortable relying on crisis response when situations occur?

HOW IMPORTANT IS IT THAT WE KNOW ABOUT POTENTIAL DISRUPTIVE EVENTS IN ADVANCE? While receiving actionable intelligence on potential events that may disrupt operations is valuable, for many aviation operators, its true impact lies in the speed and timeliness of the delivery of that information to the right stakeholders. Is the capability to instantly assess and interrogate risk for individual flights and to visualise aviation safety and security incidents on live analytics dashboards something that your operations would benefit from? Is it important that you can quickly make informed decisions to, at best avoid disruption, or at worst, minimise it?

CAN WE AFFORD TO RELY ON CRISIS MANAGEMENT ALONE? When weighing up the pros and cons and the costs associated with relying on crisis management as a risk mitigation strategy you need to take into consideration not just financial loss but also loss of reputation and impact on insurance premiums. You also need to consider the fact that predictive risk intelligence isn’t just about helping airlines to avoid certain airspace, routes or destinations – the information can also help you capitalise on business or cost saving opportunities, such as flying routes that are quicker and more direct.

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ACTION STEP: ASSESSING YOUR NEEDS Having access to pertinent and actionable intelligence is essential for managing potential disruptions. Complete this table below to ascertain what you would like to achieve, what opportunities a solution would deliver across your operations, what actions you need to take and what results you are looking for.

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GOALS

OPPORTUNITIES

ACTIONS

RESULTS

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SELECTING THE RIGHT SOLUTION FOR YOUR ORGANISATION Having gone through the first section of this guide, hopefully you’ve got a clearer idea of where a predictive risk management solution can add value to your operations. Now it’s time to select the right risk management solution for your organisation.

While there are many tactical solutions on the market that deliver one or two capabilities, we’ve put this section together with a broader view. Our clients and strategic partners tell us that their preference for risk management is for a robust solution that delivers optimal performance and value across their security, risk and daily operations. We’ve therefore focused this section on how to select a risk management solution that will deliver maximum value across your organisation.

We encourage you to use this section as a master guide (or wish list), picking the requirements that are most relevant to your operations.

We’ve split the selection process into two parts. The first part is focused on the capability of the product. It is designed to help you assess what you are looking to achieve and what you need to achieve it! The second part is focused on validating your solution partner. It is designed to help you assess whether the vendor will be the right partner for you and whether they will help you achieve your objectives.

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Building your solution capability checklist You first need to understand and define the potential requirements you need from your solution. Use this list of examples as a starting point to define your checklist.

GENERAL Provides global team of security experts offering 24/7 coverage and support Provides global monitoring in near real-time of security risk events that impact aviation Application solution is proven and used by other aviation industry participants

OPERATIONAL Provides proactive and timely alerts and analysis on emerging trends, events and situations that have an impact on aviation security environments globally Alerts can be archived and searchable on the platform

Alerts are timely and include input/analysis from AVSEC analysts

DATA MANAGEMENT Provides ready access to current and historic incident data per country or region – including an ability to search on activity type in a particular region Provides the ability to customise graphs/charts to show patterns of a certain activity over a selected period Provides the ability to analyse data from IATA/ICAO-listed airports

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REPORTING AND RISK ASSESSMENT DATA MANAGEMENT Reports include clear risk scoring and comprehensive analysis to support strategic, tactical and operational decision making Provides the ability to report on global security events and incidents with historic quality Generates ICAO and ISO 31000 compliant risk assessments of all IATA listed airports (international/domestic), countries and airspace

FLIGHT MONITORING Flight monitoring capability with dashboard overview of flight operations and risk exposure is provided Provides automated risk assessment of flight plans and ability to archive such reports Provides the ability to automatically monitor for any changes in the risk environment that impacts flight operations (including overflight notices and advisories)

PREDICTIVE & FORWARD LOOKING CAPABILITIES DATA MANAGEMENT Leverages technology to provide predictive intelligence, alerting on anomaly detection Actively monitors for trends and anomalies Provides forward looking analyst alerts and reports

ACTION STEP: Download our Vendor Selection Guide which includes a comprehensive list of questions to ask your selected vendors in an interactive document. We hope you find it useful. Click Here.

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Validating your solution partners Features and functions of a solution are only half the story. The solution partner you select can either make or break your initiative. Here are some areas to consider when selecting the right risk management solution partner for your operation.

EXPERIENCE CAPABILITY

CONSIDERATIONS

Case studies and references

Look for case studies from existing clients that demonstrate the full breadth of your prospective solution partner’s capabilities and focus on those that most closely resemble your goals and objectives. You want more than just a list of logos, ask to validate customer satisfaction with customer references and testimonials.

Partnership strength

How is your chosen technology partner working with other aviation operators and stakeholders? At Osprey, we pride ourselves on the partnerships we have established with some of the biggest airlines, cargo carriers and other operators in the world, as well as government organisations. We are trusted by TSA as their sole open-source aviation risk management data and intelligence provider, as well as the Department of State and EASA.

Partnership breadth

Be cautious when it comes to risk management vendors that focus too heavily on crisis management. Your operations can and should have access to proactive, predictive intelligence that enables you to avoid and mitigate disruption from disruptive events, and therefore not have to rely on costly crisis response measures.

Integrations

Does your solution provider offer APIs that integrate directly with your flight planning software – to deliver a solution that is tailored to your specific operations?

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SUPPORT CAPABILITY

CONSIDERATIONS Key to optimising your chosen risk management solution is the support provided by your chosen vendor. Providing initial onboarding and training is all well and good, but you need to have success plans and monitoring in place to ensure your solution is meeting your objectives and delivering the value required across your operations.

Client support and success management

Osprey’s dedicated Client Success Manager will provide continuous support throughout your project’s lifecycle from initial scoping requirements and setting strategic milestone to delivering initial and ongoing training, onboarding new teams as required, providing regular health checks and Quarterly Business Reviews to determine success and next steps to align with future growth plans and strategies.

Just like the geopolitical landscape and our skies, your organisation and operations are constantly evolving and changing. Make sure your chosen vendor is prepared to work with you to ensure your risk management solution aligns to your current and future operational needs.

Direct access to analyst support

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Our qualitative reporting of aviation security incidents is supplemented and corroborated by robust analyst-driven risk assessments. These are conducted by our specialist team of expert analysts, who are all leaders in their field, and enables us to achieve the highest level of quality control across the industry. Does your solution provider provide access to analyst support to provide additional detail and granularity? At Osprey we offer our customers the opportunity to have first-hand contact with our analysts to corroborate, clarify and validate information.

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PRICING CAPABILITY

Return on Investment

CONSIDERATIONS Do you know how much disruption currently costs your operation in a typical year? Do you know how much of that is as a result of security risks? How much do you estimate this could be reduced with better information and more streamlined, automated processes?

What is the pricing model for your chosen solution? What ROI do you expect?

N.b. We expect our solution to deliver between 10-50x ROI

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ACTION STEP: SOLUTION PARTNER CAPABILITIES Use the table below to make a list (utilising the areas covered in this guide and your own research) of the key capabilities you are going to look for in a solution partner, with justification.

PARTNER CAPABILTIIES CAPABILITY

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EXPLANATION

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SELLING YOUR SOLUTION INTERNALLY If you are still reading this guide then we can assume that you have concluded that your organisation needs a predictive risk management solution and having completed section two you have selected the one you believe is right for you – one that addresses all your operation’s needs and objectives. Your next task is to demonstrate the value of your chosen solution to your business.

From experience we know that the most successful projects and partnerships have one thing in common: the value of the proposition was clearly articulated and understood by all the necessary stakeholders within the organisation.

This section of the guide is designed to help you put together a strong business case for your chosen solution and to help you select which people or teams you need to include in the process of building and validating your business case.

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Building the business case When presenting your business case you will need to demonstrate a thorough analysis of the challenges your operations face, the potential solutions that are available, as well as any associated risks.

1. Identify the challenge and your recommended solution The first section of your business case will summarise your case for investing in and deploying a risk management solution. What is the actual problem that you are trying to solve or the opportunity that you are looking to capitalise on? You can base this on the summary case you made in the first section of this guide on page 12.

For this section it’s important to include any and all specifics about the pain or negative impact that your organisation is currently experiencing as a result of lacking the security and safety intelligence that a predictive risk management solution can provide. When you outline the solution that you are recommending, make sure that you provide sufficient background information about the solution, the technology and your chosen vendor. The question this section is looking to address is - what are your specific expectations for this risk management solution?

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2.Demonstrate thorough analysis of the problem, potential solutions and risks The next section of your business case needs to present everything that you considered, as well as the process that you went through to reach your conclusions. For example, did you conduct a review of all the existing capabilities in this area that your operation already utilises? Did you consider multiple vendors? On what basis did you dismiss other vendors? Were there referral calls or case studies that particularly solidified your thinking?

Capture it all so that your stakeholders can clearly see how you came to your chosen solution. Risks are often overlooked in a business case, but by identifying them here, not only will you demonstrate a thorough understanding of the problem/solution, it can also help you to design and implement an onboarding plan that will mitigate those risks.

3.Formalise the financials It’s important to have a full understanding of the cost of your chosen solution.

Most organisations will be prepared to invest in new technology if the business case clearly articulates what benefits it will deliver and what the anticipated ROI will be. At Osprey, we can work with you to help you document this section of your business case. Our clients report a significant decrease in the man hours spent maintaining risk assessment processes and logs. They also reported annual profit increases through increased opportunities to fly and financial savings due to a better understanding of flight risk.

We recommend being as specific as possible and using real numbers to make your financial business case. In the table below we have included some example items to help get you started.

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POTENTIAL RETURN ON INVESTMENTS CATEGORY

Commercial Advantage

Commercial Opportunity

Reduction of Liability

EXAMPLE a) Predicted financial savings from reducing cancellations, diversion and delays by applying mitigating measures and planning against predicted disruptions b) Predicted financial savings from reacting quicker when disruptive events occur due to rapid availability of information, analysis and advice a) Potential financial savings of adjusting routes with better understanding of overflight risk b) Potential financial gains from increasing business opportunities doe to information and analysis being readily available a) Value of reduced liability of prohibition breaches due to automated alerts system b) Reduced liability if tragic event happens due to automated risk assessment providing audit proof trail of assessment of the operating environment a) How many hours a week could be saved collecting information to assist with understanding events?

Time Saving

b) How many hours a week are spent monitoring NOTAMs and ensuring compliance? c) How many hours a week spent maintaining risk assessment process/logs?

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POTENTIAL RETURN ON INVESTMENTS CONT. CATEGORY

EXAMPLE a) Supporting the business case when in annual discussions with your insurer

Insurance

Catastrophic Loss

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b) Expediting the process of insurers’ approval for new routes/destinations a) Hull Loss – whilst the likelihood of total loss is low, the related costs are extreme. What are the anticipated costs of such a loss? b) Loss of Life – Whilst the likelihood of tragic loss of life is exceptionally low, the costs of liability are exceptionally extreme. What are the anticipated costs of such a loss?

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ACTION STEP: YOUR ROI POTENTIAL To help you build your business case, use the examples above and your own organisational knowledge build out a list of potential return on investment for implementing a risk intelligence solution.

SOLUTION ROI POTENTIAL ROI OPPORTUNITY Example: Predicted financial savings from reducing cancellations, diversion and delays by applying mitigating measures and planning against predicted disruptions

Hours

METRIC

3 hours per delay*

£/$

£10,000 per delay*

*calculations are based on commercial airline average savings, researched by Osprey.

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Identify the project team and business owners Nearly every successful project has a champion and a team of people that are ensuring its success. This is certainly the case when it comes to implementing an aviation risk management solution.

Your risk management solution will extend across different functional areas of your organisation - from Security and Risk to Operations and C-Suite. You need to put together a project team that is well represented by all individuals from each of the areas of your business that will use or be impacted by your solution.

Getting their buy-in early in the procurement process will deliver massive benefits in the long run.

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People to include in the process and why it matters to them Below are typical stakeholders for a risk management solution.

OPERATIONAL USERS INTELLIGENCE AND ANALYTICS REPRESENTATIVES In the fast-paced and ever-evolving world of air transport, utilising automated open-source predictive intelligence can revolutionise your risk and flight assessment operations. A risk intelligence platform can enhance your analytics and intelligence-gathering operations, providing valuable up-to-date information and advanced understanding. Offering insight into the possible risks for each flight, as well as comprehensive global risk assessments, necessary mitigation measures can be taken to prevent any disruptions.

OPERATIONS TEAM (SECURITY, SAFETY, RISK ASSESSMENT) As organisations navigate an increasingly complex risk landscape, a robust risk and threat intelligence platform becomes critical to their security infrastructure. With instant access to security intelligence and the ability to interrogate risk for individual flights and visualise aviation safety and security incidents on live analytics dashboards, your safety, security and risk assessment personnel will be able to make informed decisions and proactively mitigate risks, to safeguard your people, assets, and reputation.

ECONOMIC BUYERS Your project team should also include a representative from the team that holds the purse strings for your organisation. Deploying a next generation risk management solution is a significant investment, so ensuring they understand the expected ROI and value that the solution will deliver across your operations is critical.

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INSURANCE & COMPLIANCE The impact of flight risks extends beyond operational disruptions; it also affects insurance premiums. War risk insurance, which includes coverage for social unrest damage, has experienced a drastic surge in premiums, with a 500% increase in the past year and an anticipated doubling in the coming year. Insurance providers demand that aviation industry players demonstrate the implementation of effective risk mitigation programmes to diminish their exposure. By utilising today’s proactive risk management solutions, those responsible for managing your insurance will be able to showcase your organisation’s commitment to risk reduction, giving your brokers the best opportunity to negotiate the best price and lowest premiums.

C-SUITE Last but far from least is ensuring that you’ve secured buy-in from your executive team. In an ideal world, they will have discovered in their own research that predictive risk management solutions deliver significant ROI. However, because this technology is so new, there is unlikely to be existing budget for your proposed solution. With your COO and CEOs buy-in the process of getting budget approval will be streamlined.

If there are additional people/teams that you feel should be added to this list, document them and capture the areas that you believe they will be most focused on and the benefits that would get them excited about this initiative.

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ACTION STEP: BUSINESS CASE BUILDING Use the table below to identify your current problems and challenges, the solutions to them, the main risks of adoption and the key ROI/benefits to help build out your business case. Many solution providers have documents that can help you create the full case to present internally, so ensure you ask your chosen partner for assistance.

PROBLEM/CHALLENGE

THE SOLUTION Comments

RISKS OF ADOPTION

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BENEFITS/ROI

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PLANNING FOR SUCCESS AND PROVING YOUR RESULTS Introducing a predictive, proactive risk management tool is all well and good, but it is absolutely critical that you have a success plan in place to properly embed the solution across your operations and streamline your workflows appropriately in order get optimal value from the solution. You also need to plan how you will measure its success.

A Success Plan is a strategic roadmap tailored to your unique needs and goals.

Its value lies in its ability to ensure a mutually beneficial relationship between you and your supplier. The plan should outline clear objectives, milestones and actions to maximise your ROI and satisfaction. The plan serves as a proactive tool for managing your expectations, fostering engagement and preventing potential issues. Ultimately, they are instrumental in building trust, delivering exceptional experiences and driving sustainable business growth.

In this section of the guide we’ll share the approach and strategies for embedding and optimising your solution across your organisation, as well as how to effectively measure its success.

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Planning for success As with any new tool or process that’s being introduced into a business, a risk management solution needs to be embedded within the areas of your operations that will utilise it or be impacted by it.

Having completed section 3 of this guide, you should have an initial understanding of which teams and individuals will use facets of the solution. It is important to ascertain whether your solution provider is willing to deliver the necessary training to those teams and what ongoing support they will provide, in order to ensure you get maximum value.

Use the contents of this table to ensure you have done your due diligence during the selection process.

Pre-selection Area

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Identify goals

Challenge your teams to articulate their requirements and what they would most value in a solution. Articulate your requirements and goals.

Get the right people involved

Double check the project team list created in section 3. Is anyone missing? Are there any other teams that could utilise the solution or benefit from any of the intelligence it provides. It is also worth considering whether there are any conflicting projects or resource issues.

Review solutions

Using this buyers guide, create an RFP so that all the information is collated in one place.

Contact shortlisted partners

Do your product research online before contacting a prospective vendor. Shortlist potential vendors that are most likely to meet your needs.

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Selecting your solution

Based on requirements select the most suitable solution and vendor before getting stakeholders on board with that choice.

Send initial contracts to purchasing and start getting your teams excited about the new technology and solution.

Post-selection Area

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Objectives & use case review

Work with your new partner and team to clearly define your objectives and to review any specific use cases. We'd encourage you to be open to working closely with your new partner. If they're anything like us, they've been doing this for years and can share a lot of best practice advice.

Define success metrics

What does success look like for your organisation? Success metrics are the quantitative results that allow you (and everyone involved) to measure progress and results. One of the most important steps is to define success metrics and to measure and report against them.

Assemble the team

Understand and define what training is required and when it will be delivered. Also ensure that your teams know what support is available from your vendor and how to access it.

Set timelines

Establish your onboarding timeline and progress steps. For example, how long will it be until all the team are using the solution daily?

Validate success

Don’t forget to measure and report on the efficiency and effectiveness of your solution throughout your journey.

Celebrate

Celebrate those wins! Here at Osprey we actively encourage our clients to measure and share time saving, cost saving, and resources that have been freed up to focus on other valuable areas of work as a result of our solution.

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Measuring success As with any new tool or process that’s being introduced into a business, a risk management solution needs to be embedded within the areas of your operations that will utilise it or be impacted by it. Having completed section 3 of this guide, you should have an initial understanding of which teams and individuals will use facets of the solution. It is important to ascertain whether your solution provider is willing to deliver the necessary training to those teams and what on-going support they will provide, in order to ensure you get maximum value.

Selecting your measurements Ready for success? Then you’ll need to define your intended goals and what success looks like for each of the teams utilising or being impacted by your risk management solution. Having gone through this buyer’s guide, you’ve no doubt got a clear idea about what these are. If you completed the solutions capabilities checklist in Section 2, then that would be a good place to start as it defined many of the attributes that you were looking for in your chosen solution.

Here are some examples of the attributes that our clients monitor and measure to gauge the success of their risk management solution.

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Are the alerts sent in a timely manner – i.e. do they come through quick enough to give you time to understand and act on them where necessary?

Are there enough alerts?

Is the information provided by the alerts relevant to your operations?

Does the information delivered in the alerts provide enough information and detail for you to understand and respond?

Does the automation save your teams time – in terms of man hours?

Has the solution reduced your liability/insurance premiums?

Has the solution reduced man hours in terms of collecting/monitoring/assessing information and NOTAMs? Has the solutions saved man hours spent maintaining risk assessment processes/logs?

Has the solution saved you money in terms of crisis management being reduced?

Has the solution saved you money in terms of loss of compensation?

Has the solution saved you money in terms of loss of reputation?

Has the solution created business opportunities by opening up airspace?

We wish we could promise that measuring success of a risk management solution is easy. If you can clearly define your key goals and have metrics in place as benchmarks based on your current operations and processes, that will go a long way towards you understanding and quantifying the value of your solution. Your solution provider should help you to plan for your solution’s success and work with you to monitor results, so operations, teams, individuals and internal workflows can be adjusted to optimise results and return on investment.

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YOUR NEXT STEPS If you’ve gone through this guide and have followed the process and recommendations, then you are already well on your way to deploying a successful risk management solution.

From assessing your needs to selecting the right solution, you’ve ensured that you’ve done your due diligence. You’ll know that predictive risk management is the right solution for your organisation and you’re ready to articulate that to your key stakeholders.

You’ve planned in advance who should be involved in all stages of this buying journey and given them all the information they need so you can move forward confidently. And finally, you’ve set this project up for success by clearly defining success metrics and the measurements that prove it.

Now it’s time to put all your hard work into action – so that your aviation operations can be empowered by the next generation of risk intelligence and discover that when it comes to risk mitigation, the sky really is the limit!

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