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An intensive professional development training course on

Risk Assessment of Assets

Principles, Framework, Process, Systems, Tools & Techniques

Why Choose this Course?

This course provides an explanation of the underlying concepts of the Risk Based Maintenance approach, guidance on its relationship and integration within asset management and the overall risk management process. This course will show delegates how to develop an action plan for implementation into an effective and cost-efficient maintenance strategy.

Risk-Based Maintenance improves maintenance decision-making by introducing risk data and analysis into asset & maintenance management processes. In this way an organization systematically optimizes maintenance, associated spares and supply-chain management processes. By providing an objective approach to selecting an appropriate maintenance strategy, and establishing priorities for focusing resources where they deliver the greatest bottom-line performance and safety benefits.

This course will feature:

  • Introduction to risk, risk management, risk management standard ISO31000 and the integration within asset management processes
  • Prioritizing risk, quantitative and qualitative risk assessment methodologies
  • Continuous improvement and contingency planning
  • Risk based maintenance (RBM) concepts for assets – asset related risk
  • Optimizing the maintenance concept & implementation aspects


What are the Goals?

By the end of this course, participants will be able to:

  • Understand the concepts & practical application of risk management & the Risk-based Maintenance (RBM) approach
  • Learn the potential contribution of RBM to maintenance efficiency and performance
  • Understand how RBM interacts within asset management
  • Apply RBM and related technologies so as to achieve the best results
  • Develop an action plan to utilize risk management & RBM in their own areas of responsibility.


Who is this Course for?

This course is suitable to a wide range of professionals but specifically designed for those professionals who want to understand, implement and improve themselves on risk management in a maintenance environment, judge its suitability for their needs, and learn how to implement RBM for the benefit of their organizations.

This course is suitable to a wide range of technical professionals but will greatly benefit:

  • Asset Management Coordinators
  • Asset Management Consultants
  • Production or Operations Managers
  • Maintenance & Engineering Managers
  • Maintenance & Reliability Engineers
  • Those assigned in New Project Design


How will this be Presented?

This course will utilize a variety of proven adult learning techniques to ensure maximum understanding, comprehension and retention of the information presented. This includes formal lectures and interactive exercises. Relevant case studies will be provided to illustrate the application of each subject in an operations environment. Each learning point will be re-enforced with practical exercises. There will be many opportunities for discussion and sharing experiences.


The Course Content

Day One

An Overview of Risk Management

  • Challenging the traditional approaches to maintenance
  • Definitions of key terms & risk principles
  • Risk in Asset Management (ISO 55000 series)
  • Risk Framework (ISO 31000)
  • Case study: Importance of risk assessment & risk management (video)


Day Two

Risk Management Process & methods

  • Linkage between Corporate risk  and Asset related risk
  • The steps involved in managing risk
  • Risk assessment, risk register & hazard log
  • Criticality analysis
  • Best practices: RCM, HAZOP,  FMECA & FRACAS
  • Contingency planning


Day Three

Risk Management Best Practice: Maintenance Concepts with RBM (Part 1)

  • Failure behavior & probability
  • Availability & Reliability concepts
  • Maintenance concept & the seven steps of Risk Based Maintenance (RBM)
  • Failure Mode Effect & Criticality Analysis (FMECA)
  • Group Exercise


Day Four

Risk Management Best Practice: Maintenance Concepts with RBM (Part 2)

  • Maintenance concept: the seven steps of RBM (continued)
  • Failure patterns
  • Determine maintenance tasks and frequencies
  • Exercise
  • Risk Based Inspection (RBI) & specific aspects for typical equipment


Day Five

Optimizing Performance and Case study

  • Using decision support tools to optimize maintenance concepts
  • Case study package distribution system
  • Monitoring performance – setting up relevant performance indicators for RBM
  • Implementation aspects & pitfalls of the RBM approach
  • Implementation plan
  • Wrap-up


The Certificate

  • AZTech Certificate of Completion for delegates who attend and complete the course.


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All rights reserved. Any unauthorized copying, distribution, use, dissemination, downloading, storing (in any medium), transmission, reproduction or reliance in whole or any part of this course outline is prohibited and will constitute an infringement of copyright.

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