The risk-based maintenance system is set up during the project phase of establishing a facility, then continued into the operation phase.Ī diagram of the risk-based management process is shown below.ĭiagram courtesy of David Finch, Maintenance Integrity Solutions Risk-based allocation of spares and repairs This approach allows engineers and maintenance managers to determine the most economical use of limited maintenance resources to minimise the total risk of failure across a facility.ĭevelopment of risk-based maintenance program and strategies Risk-based maintenance management prioritises the maintenance of assets that carry the most risk if they were to fail. But maintenance budgets are limited, and engineers and managers need tools to help them allocate resources for the best results. Maintaining assets, rather than simply waiting for them to break down, delivers significant cost savings, as the cost of repairing an equipment breakdown is three to five times the cost of the same repair done in a planned manner, prior to failure. What is risk-based maintenance management? RCM can be used to choose which method is best-suited to a particular asset, while risk-based maintenance management is used to select which assets a maintenance program should target. Risk-based maintenance management vs reliability centred maintenance (RCM)Īnother way that risk can be used to regulate maintenance is using reliability centred maintenance (RCM). They must also use risk as a basis for decision making and continuously improve their processes. These standards require companies to develop a set of structured documents which cover the maintenance of assets including data, information, costs and people throughout their lifecycle.
#RISK MANAGER WIKI DRIVER#
Risk-based maintenance originated in the 1980s and 1990s and has received a recent boost in interest from companies putting in place robust performance standards to avoid catastrophic equipment failures.Īn additional driver is that many companies are adopting asset management standards ISO 55000:2014, 55001:202:2014. An effective way to support strategic maintenance management is through a risk-based approach. Strategic maintenance management is essential to maintain the integrity of physical assets and ensure business survival and success.
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