RISK.IT - Continuous risk forecasting in the operation context

(RISK.IT - Previsão de risco contínua no contexto operacional)

CENTRO-01-0247-FEDER-017750

Abstract

The RISK.IT Project aims to advance the state of the art in what regards the usage of models for risk prediction and management, and also to put such models at the service of the operational efficiency of businesses. The project pursues an exciting goal: to change the current paradigm of using such models, from a “strategic” paradigm to an “operational” one, and from a login where risk analysis is “tailor- made” to a new one where risk prediction and analysis is continuously evolving, in order to cope with the reality and requirements of businesses. With a particular focus in the area of transportation of hazardous materials, the project aims to make risk prediction models useful and key components in the operational management of the company. The usage of such models in the management and optimization of processes, as well as for the early detection and response to eminent risk situations, will increase the operational performance of the company, and also revolutionize the way risk management is employed in a business context.

Co promoters

Goals

The main objective of the RISK.IT project, from the scientific point of view, is the efficient integration of risk management models with operational planning algorithms in organizations.

Briefly, the objective of the project is to obtain a "risk-aware" operational management product with:

  • New methodologies and processes for operational management that incorporate principles, techniques and information hitherto only present in risk management.
  • New models of real-time risk analysis and forecasting for the transport of hazardous materials.
  • New models for the characterization of driving with the use of smartphones that contribute to the characterization of risk.
  • A business model that allows opening a new business area in the company and and promote its internationalization.
  • Expected Results

    The main goal of this project is to provide, throughout the project, risk prediction models and mechanisms validated in real operational contexts. This system will make it possible to build a differentiated value offering, addressing the real needs of many companies that rely on mobile workforces and, particularly, in the area of transportation of hazardous materials

    In addition, the following areas are aso targeted by the outcome of this Project:

  • Road transport of materials
  • Postal and courier activities
  • Installation of equipment for electricity, gas, steam, hot and cold water
  • Security Activities
  • Repair, maintenance and installation of machinery and equipment
  • Results

    The following is an highlight of the results obtained in the Project so far:

  • Development and validation of algorithms for the characterization of driving using mobile devices
  • Activities

  • Project Coordination and Management
  • Analysis and characterization of risks in the transportation of hazardous materials
  • Creation of multi-objective computational models for efficiency and risk management
  • Analysis and technological specification of the system
  • Creation of laboratory prototypes
  • Pilot tests in a real context
  • Communication and divulgation of results
  • Info

    Intervention region:

    Central region

    Beneficiary:

    Sentilant-Consultoria e Inovação Lda

    Start date:

    01-10-2016

    End date:

    30-03-2019

    Total eligible cost:

    331 914,81 EUR

    Financial support from the UE:

    FEDER, 244 619,32 EUR