2023 Schedule

Reliability, maintenance, and asset management is about creating value to meet an organization’s targeted business outcomes. Central to success in this area is risk management. Risk must be identified, quantified, mitigated, and managed. There are international standards that offer practical guidelines for managing risk. ISO 31000 provides risk management guidelines, and ISO 31010 provides a standard on risk management techniques. These standards, along with the application of industry best practices, provide a practical framework for rigorous management of risk that practitioners can apply in the normal course of work. This session provides an overview of risk, along with practical tools and processes that you can use to manage risk. We will review tools and techniques that can be used to improve performance, encourage innovation, and create and protect value. We will also discuss the principles of risk management and the risk management process, including the following topics: risk governance, establishing the context, risk identification, categorizing risk, risk analysis techniques, risk matrix, risk evaluation, risk level, risk register, risk treatment plans, and monitoring and reviewing techniques. Class exercises will be used to make this session practical and interactive. Attendees will leave with working knowledge of how to apply the ISO 31000 risk management principles and framework, as well as the practical application of tools for asset criticality, estimating risk, and building a risk register. There are six learning objectives for this presentation: understanding Introduction to Asset Management (ISO 5500X) and Risk Management (ISO 310XX) standards; becoming familiar with risk identification and quantification techniques; learning about risk management tools and processes to improve risk management performance; appreciating risk-estimating challenges and improvement techniques; understanding risk governance, identification, triggers, categorization, and analysis; and developing criticality, risk matrices, risk register, and risk treatment plans.