Accounting for Risk in Your Asset Management Strategy
If your asset management strategy is not risk-based, you may be spending money on symptoms 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 system will help you appropriately prioritize how you spend time, money and materials fixing the most critical problems, provide the infrastructure for continuous improvement, and help you meet your corporate business objectives, including regulatory compliance.
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.
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