Asset Management & Risk Mitigation

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Course Introduction

Effective asset management needs to be a complex mix of art and science involving human and technical factors. Good communication and team work across all departments and stakeholders is vital. The glue which ensures that all asset management stakeholders’ needs are properly reconciled and addressed is risk.

This course starts by introducing the principles, framework and process for asset management. The various steps involved are then introduced together with the necessary management system. The second part of the course then shows how risk needs to feature in all aspects of asset management. Finally important risk tools and techniques are demonstrated by completing case study examples.

The highlights of this programme include:

  • Introduction to asset and risk management and their associated standards.
  • Life cycle asset policies & strategies derived from the business plan.
  • Risk assessment methodologies, quantitative, qualitative etc.
  • Formulating effective asset management plans and ensuring that they are carried out.
  • Continuous improvement and the learning organization.

Objectives

  • Demonstrate how best practices are built from asset and risk management principles and foundations
  • Illustrate the consequences of mistakes in managing assets and their risks
  • Illustrate risk management best practice drawn from a variety of different industries
  • Demonstrate the range of technical and human risks associated with asset management and how they can be mitigated
  • Illustrate a practical approach to developing an action plan to utilize these technologies and fitting them into the overall asset management strategy, and then measuring benefits

Course Outline

Day 1: Day One

Introduction to Asset Management & Strategy Framework

  • The business impact of asset & maintenance management
  • Asset Management process model & strategy framework
  • Asset Strategy - Asset Management Policy, Asset Management Strategy, Asset Management Plan
  • Asset Management roles
  • Differences between PAS55 & ISO 55000 series & the Assessment & certification: PAM & self-assessment tool

Day 2: Day Two

In Control of Risk

  • Identification & assessment of risk
  • Risk management: Risk Matrix, Risk Register & Hazard Log
  • Safety Management System & Contingency Planning
  • Stakeholder analysis – stakeholder risks
  • Risk based maintenance concept

Day 3: Day Three

Life Cycle Management

  • Life cycle of an asset
  • Creation and acquisition of assets: demand forecasting, asset portfolio evaluation
  • Procurement Aspects
  • Systems Engineering & RAMS Specification: Operational & maintenance workflow
  • Renewal, disposal and lifetime extension of assets

Day 4: Day Four

Asset Information Management

  • Asset information requirements: Asset data & knowledge, Asset knowledge standards
  • Using asset management information: Asset information strategy, Stakeholder acknowledgment
  • (Key) Performance Indicators
  • Specifications, selection, selection & use of asset information systems & tools
  • Asset knowledge system & procedures; data collection, storage, dissemination & maintenance

Day 5: Day Five

Financial & Business Impact

  • Cash flow & Budgeting
  • Life Cycle Costing principles
  • Asset Management planning: long term investment plan / long term maintenance plan (MIP/MJO)
  • Change management
  • Competency framework

Day 6: Day Six

An Overview of Risk Management

  • Challenging the traditional approaches to maintenance
  • Definitions of key terms & risk principles
  • Risk in Asset Management (ISO55000 series)
  • Risk Framework (ISO31000)
  • Case study: Importance of risk assessment & risk management (video)

Day 7: Day Seven

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 8: Day Eight

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 9: Day Nine

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 10: Day Ten

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

Certificate

  • Copex Certificate of Attendance will be provided to delegates who attend and complete the course.

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