Asset Risks

Risks to the assets are to be identified and managed at the earliest stage of a project as asset failure can lead to major economic and safety issues. The following studies can be used to improve Asset Risk Management:

  • Failure Modes, Effects & Criticality Analysis (FMECA): a FMECA study establishes the important failure conditions of a system and its components, and assesses their significance with regard to the Health, Safety, Environment, Costs and Operation/Production.
  • Critical Equipment Identification / Analysis (CEA): Safety and Environment Critical Element (SECE) may be defined during the Risk management process at the design phase of an asset, and main contributors to unavailability may be defined during a Reliability, Availability and MAintainability (RAM) analysis. But sometimes, these studies do not exist on an asset. Therefore, the Critical Equipment Analysis methodology gives a way of formally assessing all equipment or functions and utilizing a set of consistent guidelines to qualitatively rank failures in terms of impact on Health, Safety and Environmental and on Costs and Operation/Production. This allows adapting the maintenance, inspection and spare parts strategy on equipment depending on their criticality ranking. This methodology will help the client to focus more time and effort on equipment with the greatest benefit in terms of asset safety and production capability.