Risk Assessment of Assets

We regret to inform you that there are currently no scheduled sessions for this course, so please let us know your preferred date and location and we will contact you soon.

Course Introduction

This course provides an explanation of the underlying concepts of the Risk Based Maintenance approach, guidance on its relationship and integration within asset management and the overall risk management process. This course will show delegates how to develop an action plan for implementation into an effective and cost-efficient maintenance strategy.

Risk-Based Maintenance improves maintenance decision-making by introducing risk data and analysis into asset & maintenance management processes. In this way an organization systematically optimizes maintenance, associated spares and supply-chain management processes. By providing an objective approach to selecting an appropriate maintenance strategy, and establishing priorities for focusing resources where they deliver the greatest bottom-line performance and safety benefits.

This course will feature:

  • Introduction to risk, risk management, risk management standard ISO31000 and the integration within asset management processes
  • Prioritizing risk, quantitative and qualitative risk assessment methodologies
  • Continuous improvement and contingency planning
  • Risk based maintenance (RBM) concepts for assets – asset related risk
  • Optimizing the maintenance concept & implementation aspects

Objectives

By the end of this course, participants will be able to:

  • Understand the concepts & practical application of risk management & the Risk-based Maintenance (RBM) approach
  • Learn the potential contribution of RBM to maintenance efficiency and performance
  • Understand how RBM interacts within asset management
  • Apply RBM and related technologies so as to achieve the best results
  • Develop an action plan to utilize risk management & RBM in their own areas of responsibility

Training Methodology

This course will utilize a variety of proven adult learning techniques to ensure maximum understanding, comprehension and retention of the information presented. This includes formal lectures and interactive exercises. Relevant case studies will be provided to illustrate the application of each subject in an operations environment. Each learning point will be re-enforced with practical exercises. There will be many opportunities for discussion and sharing experiences.

Who Should Attend?

This course is suitable to a wide range of professionals but specifically designed for those professionals who want to understand, implement and improve themselves on risk management in a maintenance environment, judge its suitability for their needs, and learn how to implement RBM for the benefit of their organizations.

This course is suitable to a wide range of technical professionals but will greatly benefit:

  • Asset Management Coordinators
  • Asset Management Consultants
  • Production or Operations Managers
  • Maintenance & Engineering Managers
  • Maintenance & Reliability Engineers
  • Those assigned in New Project Design

Course Outline

Day 1: Day One

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 2: Day Two

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 3: Day Three

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 4: Day Four

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 5: Day Five

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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Led by a passionate leadership team and supported by a network of world-class trainers, COPEX Training connects professionals worldwide with life-changing opportunities. We are committed to excellence, ensuring every participant leaves with the tools, expertise, and confidence to conquer an ever-evolving world.

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Our cancellation policy varies depending on the circumstances presented. Generally, cancellations must be initiated in formal writing at least 14 days prior to the commencement date of the training course. Further, the option to shift an existing registration to another training course on a later date is possible. Otherwise, a full refund will be initiated.

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Our training courses will run for 5 hours per day. The standard daily timing is from 8:30 am – 3:30 pm including the coffee/tea breaks and lunch.

The training course fee can be settled by either:

  • Bank transfer
  • Credit Card

Published training course fees are inclusive of the training venue, training manual, writing materials, lunch and coffee breaks with refreshments over the entire duration of the training course.

Upon successful registration, processing window will take not more than 24 hours from the time of registration. An email including the registration confirmation, invoice and joining instructions will be sent to the provided email address.

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