The Benefits of Practicing Enterprise Risk Reduction
Risk management is a pervasive tool which can be employed by both production and maintenance groups as a basis for communicating a perception and to use a priority-setting tool in the absence of detailed information. Used correctly, the quantifiable description of risk such as a risk level or safety index, can streamline work and consequent investment to provide that work. This paper describes a simple approach to quantifiable risk assessment which can be tailored for smaller companies and form the basis for more sophisticated approaches by larger organisations. Examples and systems are provided as to how the recognition of risk can be exploited in optimising maintenance systems.