Risk Based Asset Management
Risk-based Asset Management involves applying risk management techniques to business critical assets to identify (and manage) potential causes of significant business failure. Typically, this applies to major building services such as power, ventilation, heating, and water.
The heart of most modern businesses is their computer capability. This is particularly so for business operating in the financial and E-commerce sectors. With the onset of E-commerce, many organisations increasingly depend on web-based activities. In such cases, the cost of the loss of computing time, in terms of lost business or missed opportunities, can be considerable. Often this is considered only from the point of view of the computing capability, but the infrastructure that supports the computer operations is of paramount importance.
A modern process plant is critically dependent on its building services and computerised control. If the infrastructure support fails, their may be a loss of production. In extreme cases, this can lead to severe damage to the plant, requiring major capital expenditure before production can be resumed. In industries where there are safety-critical issues, the plant could be closed on the grounds of safety until the situation has been rectified to the satisfaction of the regulator.