Risk-Based Asset Criticality Assessment Handbook

Risk-Based Asset Criticality Assessment Handbook


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About this title

The Risk-Based Asset Criticality Assessment (R-b ACA) Handbook provides guidance on developing an asset criticality assessment methodology that is aligned with an organization's business drivers and asset drivers. This handbook is among the few books that takes asset criticality as a subject matter and unpacks it in its entirety in a way that readers can visualize in their own operations.

Interpreting and treating asset risks have always been primary concerns for asset owners and operators. As a fundamental decision-making tool in asset-intensive organizations, asset criticality should be providing answers to questions around asset risks. In reality, however, asset criticality is often not well thought out or properly implemented in many companies and, as such, has not lived up to expectations. With this in mind, the author devised a pragmatic approach to revamping asset criticality assessment in a way that both the commercial and operational sides of an organization can have a common understanding of asset risks and organizational exposure.

The handbook builds the methodology step-by-step, outlining how business and asset drivers can be converted into factors of failure and, ultimately, into asset risks. In that regard, the R-b ACA Handbook addresses structural deficiencies with the traditional approach to asset criticality, such as its inability to provide on-demand asset risk information. By adopting this approach, readers will be able to critically examine their own organization and, based on its unique operating context, develop their own asset criticality methodology.