Don't miss MaximoWorld 2024, the premier conference on AI for asset management!

Experience the future of asset management with cutting-edge AI at MaximoWorld 2024.

Sign Up

Please use your business email address if applicable

Asset Risk-Based Assessments: A Simple Approach

IMC-2018 Learning Zone 45:17

by Phil Beelendorf, Roquette America

Several times during my career, I have been asked to participate in or lead a facility-wide risk assessment. These efforts can be as simple as gathering a group knowledgeable people in a room and asking everyone to give their opinion as to which assets and systems pose the greatest risk. Or they can be so complex they could be mistaken for the keynote address at an actuarial science convention. Industrial leaders are far too impatient to wait for the perfect result, but taking the‚ wisdom of the team‚ approach can lead to inaccurate conclusions. Over the years I have found a great compromise between detailed analysis and quick opinion. The approach produces meaningful results with enough speed and relative simplicity to allow it to be useful in an industrial setting. The risk assessment can be modified to fit the site's CMMS maturity level. The assessment tool identifies risks from the three leading root causes of equipment failure; engineering design, operational knowledge, and maintenance practices. It combines CMMS data analysis, employee involvement, and equipment risk-based maintenance inspections (RBMI) to paint a comprehensive picture of the potential risk the organization faces. It also assesses operational knowledge and uses it as a multiplier to further clarify and prioritize risk. Once the assessment is completed, risks can be categorized as behavioral, operational or maintenance skill deficiencies, lack of procedures or processes, CAPEX re-design, or end of service live opportunities. The data can be used to develop multi-year CAPEX and OPEX spending plans as well as aid in the creation of training, development, and succession plans for the site. Examples will be given on both ends of the spectrum ranging from the most basic to more advanced tools so individuals attending the presentation can create an assessment which best suits their site's maturity level.

ChatGPT with
Find Your Answers Fast