Discussing our prior post on Asset Management and Risk Management

Discussing our prior post on Asset Management and Risk Management

Apr 24th, 2014

Asset Management and Risk Management

ISO 55001:2014 specifies requirements for an asset management system within the context of the organization. It can be applied to all types of assets and by all types and sizes of organizations. It is also the third management system to be written in the new ISO consolidated “Annex SL” format.

Asset Management and Risk Management

Drinking water subterranean pipe in Algeria

The very important news is that Asset Management has been transformed from an isolated activity (BS PAS 55) to an activity guided by the international risk management system – ISO 31000:2009.

At Riskope we do concur with ISO on the fact that asset management is not an isolated activity and should be guided by the risk management system. We believe more in a synergy than a “guidance” between the two because asset management will deliver to the risk management system important insights on the system under consideration, let it be a corporation, a water network or a logistic network.

All Riskope activities, applications are compatible with ISO codes. To give you an example, we just completed a holistic risk assessment for a major commercial wharf, including multimodal internal and external logistics to and from the ships. We used extant client’s asset management documentation to help us structure our system model and then built a hazard and risk register (which includes of course likelihood of events and their potential impacts, including related uncertainties, and domino effects). Then we used ORE to prioritize the resulting portfolio of over 500 risks using various tolerance thresholds (corporate’s own, societal). Based on ORE results we were able to pinpoint the scenarios that were more prone to cause harm, reputational damages, business interruption, etc. This eventually led to various insurance portfolio re-evaluations.

For the most critical scenarios Business Continuity Planning (BCP) and Disaster Resumption Planning (DRP) ISO 22301:2012 were proposed, crisis management plans and communication plans delineated (ISO 22301:2012).

Of course the client can take the results and bring them back into the asset management plan to evaluate the need for preventative maintenance, monitoring, spare parts stocks etc.

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Category: Consequences, Crisis management, Mitigations, Optimum Risk Estimates, Risk analysis, Risk management

One response to “Discussing our prior post on Asset Management and Risk Management”

  1. […] Asset Management has recently (2014) been transformed by ISO from an isolated activity (BS PAS 55) to an activity guided by the international risk management system – ISO 31000:2009, confirming the validity of Riskope’s procedures. ERM (Enterprise Risk Management) requires a good understanding of the assets nature, location, hazard exposure, failure consequences. Enterprise Asset Management can supply at least part of these vital data to ERM, hence a bi-directional synergy. […]

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