Risk-Based Asset Management
If your asset management strategy is not risk-based, you may be spending money on symptoms of problems instead of the root cause of your losses. For example, one company without a complete asset management strategy in place experienced a limiting factor that impacted production capacity by 25% (to the tune of $30 million), yet had no control plan in place to address the cause, nor the key performance indicators and analytics to even know the problem existed.
A risk-based asset management strategy couples risk management, standard work, and condition-based maintenance to properly apply resources based on process criticality. This ensures that proper controls are put in place and reliability analysis is used to ensure continuous improvement. An effective risk-based management system includes an enterprise asset management or resource solution that properly catalogs asset attribute data, a functional hierarchy, criticality analysis, risk and failure analysis, control plans, reliability analysis and continuous improvement.
Customized standard operating procedures, including mechanical integrity programs and risk-based inspections, are an additional layer of control for your program.
Life Cycle Engineering will partner with you to build a risk-based asset management system that will:
- Help you appropriately prioritize how you spend time, money and materials fixing the most critical problems
- Provide the infrastructure for continuous improvement
- Help you meet your corporate business objectives, including regulatory compliance
For more information, download our Risk-based Asset Management Report.
This paper offers an overview of the three key elements of an asset management strategy and presents the six steps to building a robust, risk-based asset management program.
For More Information
843.744.7110 | info@LCE.com
