Asset Management & Risk Mitigation

The Course

Effective asset management needs to be a complex mix of art and science involving human and technical factors. Good communication and team work across all departments and stakeholders is vital. The glue which ensures that all asset management stakeholders’ needs are properly reconciled and addressed is risk.

This course starts by introducing the principles, framework and process for asset management. The various steps involved are then introduced together with the necessary management system. The second part of the course then shows how risk needs to feature in all aspects of asset management. Finally important risk tools and techniques are demonstrated by completing case study examples.

The highlights of this programme include:

• Introduction to asset and risk management and their associated standards.
• Life cycle asset policies & strategies derived from the business plan.
• Risk assessment methodologies, quantitative, qualitative etc.
• Formulating effective asset management plans and ensuring that they are carried out.
• Continuous improvement and the learning organization.

The Structure

This comprehensive programme consists of two modules which can be booked as a 10 Day Training event, or as individual, 5 Day courses.

Module 1 - Asset Management & ISO 55000 Series: Maximising Returns from Capital Investments

Module 2 - Risk Assessment of Assets: Principles, Framework, Process, Systems, Tools & Techniques

The Goals

• Demonstrate how best practices are built from asset and risk management principles and foundations
• Illustrate the consequences of mistakes in managing assets and their risks
• Illustrate risk management best practice drawn from a variety of different industries
• Demonstrate the range of technical and human risks associated with asset management and how they can be mitigated
• Illustrate a practical approach to developing an action plan to utilize these technologies and fitting them into the overall asset management strategy, and then measuring benefits

The Delegates

Professionals whose responsibilities include:

• Asset Management Coordination
• Business Planning
• Capital Allocation
• New Project Design
• Operations and Maintenance
• Risk Assessment / Analysis

The Process

This workshop is designed to be a hands-on, stimulating experience. The program is highly interactive with many discussion and facilitated practice sessions. Key points will be emphasised with case study examples. There will be a combination of presentation sessions and workshops during this programme. Relevant international standards, frameworks and publications are introduced and discussed.

Detailed descriptions are given about commonly used risk tools such as Hazard & Operability Analysis, Reliability Centred Maintenance, Failure Modes & Effects Analysis, and Risk-Based Inspection.

The Benefits

Delegates attending will be able to show and demonstrate the benefits of this course by:

• Develop new insights into international best practices.
• Use risk to prioritise improvement activities.
• Use risk to improve communication between different departments.
• Use risk to decide the best asset intervention.
• Practical application of important risk tools for asset management.

The Results

Benefits to the organisation include:

• Fewer unexpected asset failures
• More cost-effective asset management
• Increased satisfaction of stakeholders
• Reduced risk of non-compliance
• Fewer accidents and near misses