A Holistic Approach to Asset Risk Management: Is It All or Nothing?

The safety we expect in our everyday lives depends on things working – and working properly.  From the offshore rig drilling for oil, the processes used for refining, or power stations and plant near our homes, all must be built, operated and managed with risk and safety in mind.

Society in general is becoming less tolerant of preventable incidents causing harm or death, or incidents leading to degradation of the environment.

In today’s environment, companies need to be able to also make high confidence asset integrity decisions, enabling them to increase the profitability and productivity of the asset base while minimising the exposure to the risk of catastrophic events. Failure to do so will allow competitors to gain a significant lead with regulators, financial markets, stakeholders and profitability. In the future when things go wrong, questions will be asked – and in contrast to the past, it is likely that there will be a requirement for greater accountability of individuals and organisations and transparency on their processes.

Taking a holistic view of risk and the management of physical assets – selection, maintenance, inspection and renewal – plays a key role in determining the operational performance, safety and profitability of any business and any industry, today or tomorrow.

Discover the full article in the recent edition of Chemical Engineering where Randy Montgomery from ABS Group talks about how companies can combine mechanical integrity and reliability programs into a single framework to streamline their asset maintenance strategies and mitigate all types of risk.