Mark Zuckerberg, founder of Facebook, once said, “The biggest risk is not taking any risk. In a world that’s changing really quickly, the only strategy that is guaranteed to fail is not taking risks.” With a risk assessment process, companies …
Operational Risk Management is a process adopted for organizations looking to put into place real oversight and strategy when it comes to managing risks. Every business faces circumstances or fundamental changes in their situation that can be seen as presenting …
Risk based maintenance is used as a strategy when there is an asset failure which may lead to severe consequences. So to put it in other words, these assets carry a high risk of priority when it comes to maintenance. …
In a particular business, Risk Management is defined to be a process in which identification, monitoring of potential risks is achieved in order to minimize the negative impact they may have on an organization. Examples of potential risks include security …
Let’s know what risk based maintenance actually means Risk-based maintenance is a concept which prioritizes maintenance of resources toward the assets which are suppose to carry the most risk if they were to fail. It is a method for understanding …
Important Uses of Risk Based Inspection Risk Based Inspection is the combination of an evaluation of the likelihood (probability) of malfunction due to flaws damage, corrosion or degradation with an assessment of the outcomes of such breakdown. Risk based inspection …
Risk-Based Inspection (RBI) is an analysis methodology and process that involves condition-based inspection & requires qualitative or quantitative assessment of the probability of failure (PoF) and the consequence of failure (CoF) associated with each equipment item, piping circuits included, in a …
Understand the scope of work The scope of work is the basis of a Risk Based Inspection program and directs efforts during the lifecycle of this procedure. Failing to have a comprehensive broad discussion about the scope, set up procedures …