In the last few years, however, risk analytics have become much more powerful, driven in part by advances in areas such as modeling and testing, but also by the explosion of data available for analysis.

FORBES: Analytics May Help Insurers Confront New Risk Environment

"You are going to see a tremendous explosion in this type of testing in the next decade, " he says.

FORBES: Magazine Article

In a report on the incident issued by BP on September 8, the company admitted that "weaknesses in cement design and testing, quality assurance and risk assessment" contributed to the explosion, but put the blame fully on Halliburton.

CNN: STORY HIGHLIGHTS