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.
But to make the strategy more viable the following questions needs to be asked. They are as follows
1) Which assets carry the most risk?
2) How many high-risk assets are in each location?
3) What is the exact risk level per asset?
4) What is the consequence of failure?
Following this type of assessment, each asset can be given a risk score and a maintenance plan devised that minimizes exposure for the entire organization. An organization will need to implement a Risk-Based Maintenance strategy if the risk of consequence far outweighs the cost of equipment. Prime examples of such organzations are hospitals that use devices to protect human life and the oil and gas industry that need to prevent failures with high-pressure equipment.
Real Asset Management’s CMMS uses risk scores, failure histories, and asset inter-dependencies to recommend optimized work order schedules that are designed to prevent costly interruptions to an organization’s operations. Automated email alerts and KPI dashboards flag up potential problem areas so that early preventive action can be taken. A Risk Based Maintenance (RBM) approach determines the most economical use of maintenance resources with the end goal of minimizing any risk of a failure. Assets that have a greater risk and consequence of failure are maintained and monitored more frequently while assets that carry a lower risk are subjected to less stringent maintenance monitoring.
Risk Based Maintenance is important because:
1. It identifies problems before they happen, which will minimize downtime because maintenance can be planned
2. When maintenance is planned, you can avoid ‘reactive maintenance’ which has many overhead costs, more equipment downtime, higher costs for parts and shipping, and more time lost responding and diagnosing the equipment.
3. Safety improves because equipment brakes down less
4. Risk Based Maintenance extends the useful lifecycle of assets
5. Contributes positively to the reputation of companies because the negative impact of equipment failure is far reaching down the supply chain
Adopting a Risk Based Maintenance approach provides a systematic approach to determine the most appropriate asset maintenance plan which when implemented will minimize the risk of asset failure. Avoiding asset failure will have a positive effect on the ROI of your assets, safety, avoiding unplanned downtime, reputation, and your bottom line.