Managing risk, costs and maintenance are all essential components of effective asset management and a functional operation. These elements are vital threads that will all be considered and assessed when achieving the overall business strategy.
It is important to grasp that risk management is crucial: it enables asset owners and operators to be innovative and to focus resource and budget on critical areas of the business. Risk management, like all management, must be performed efficiently and effectively in order to deliver desired results. There is no universal, one size fits all approach to risk management, however there are several guides, processes and tools that can be utilized to assist delivering the desired outcome.
To read more about how criticality could help you quantify and manage the cost of loss, and to understand some of the tools available, click here to view the full article.