We’re delighted to announce that IsoMetrix customer, Transnet Engineering, was selected as the WINNER of the 2019 GRC 20/20 Value awards in Environmental, Health & Safety Management!
The awarding body, GRC 20/20 accepted 101 nominations for its awards. Its thorough selection criteria ensure that only solutions that have returned significant and measurable value to an organization are recognized.
According to GRC 20/20, “value” of a Governance Risk and Compliance (GRC) solution is considered “based on efficiency, effectiveness and agility”. In order to be successful, organizations must show that risk and compliance is effectively understood, monitored and managed at all levels.
Transnet Engineering was able to show both the hard and soft benefits of an integrated environmental, health and safety risk management platform.
The implementation of IsoMetrix required an investment of around USD 230 000. If one considers the reduction in audit fees alone, the return on investment period is less than four months. Factoring in other savings such as reduced time to compile reports, greater efficiencies across the HSE work force, improved decision making, and lower DIFR, the estimated ROI period is between 2 and 3 months. Transnet states that,
“IsoMetrix makes business sense. It has been a great investment. Within Transnet Engineering it goes beyond EH&S: they have easily been able to incorporate Quality and Security as well. It is a true business management solution.”
The short-term (first year) business benefits Transnet has received are:
The long-term business benefits included:
Transnet Engineering’s journey started with the standardization of internal processes before using technology to realize transformational growth.
Phase one was Standardization and Change Management. Transnet’s first objective was to standardize the EH&S framework across the organization. This took two years, during which, the organization invested time in ascertaining best practice and engaging with stakeholders to ensure their buy-in. The goal was to show that standardizing would create a safer environment, and significantly reduce costs. Getting all business units to work in a uniform way would streamline the external audit process.
Phase two included Scoping and Vendor Selection. At this point however, the systems remained largely manual. So the next focus was to automate the standardized framework Transnet had developed. Pressing issues included the difficulty in managing historical data, the inability to easily trace the movement of documents, the lack of notifications over expiry dates and actions, and the inability to link documents to the last person to have modified them. IsoMetrix was chosen as the preferred solution for automating EH&S, due to the agility it offered, the strong dashboards, and the fact that it had been successfully rolled out at Transnet Engineering’s sister company, Transnet Freight Rail.
Phase three describes software Implementation. Once IsoMetrix was selected, the standard IsoMetrix implementation methodology was used to scope the software requirements, configure, test and train on these requirements. Once the solution was live, IsoMetrix provided continuous account management and support.
Michael Rasmussen is an internationally recognized pundit on governance, risk management, and compliance (GRC) – with specific expertise on the topics of enterprise GRC, GRC technology, corporate compliance, and policy management. With 25+ years of experience, Michael helps organizations improve GRC processes, design and implement GRC architecture, and select technologies that are effective, efficient, and agile. He is a sought-after keynote speaker, author, and advisor and is noted as the “Father of GRC” — being the first to define and model the GRC market in February 2002 while at Forrester.
Transnet Engineering is a subsidiary and an Advanced Manufacturing Division of Transnet SOC Ltd that designs, manufactures, supplies and remanufactures rolling stock in South Africa and beyond its borders. Transnet Engineering provides in-service maintenance, repair, upgrade, conversion, manufacture, and upgrade of locomotives, wagons, coaches, rolling stock components and associated transport equipment. This subsidiary has over 12,000 employees. Transnet Engineering consists of eight different business units, which contain 132 depots and six main factories spread across South Africa.