ISO 55001 - Risk Based Asset Management (RBAM)
Companies or organizations doing business in Oil, Energy, Manufacturing and Development sectors highly depends upon the 100% performance of their assets (on-site and off-site). Therefore, there is a need to constantly check the performance of their assets and always keep them in top-notch condition for accurate and optimal performance.
As the development process goes on these assets face aging issues, organizations have to comply with safety and regulatory standards and rules and also have to comply with green environment policies. Further, these businesses have to adopt new emerging techniques and advanced tools to optimize their performance level. Besides these issues there is always a constant and daunting challenging of keeping the cost as low as possible without compromising quality. All these factors are overwhelming and needs proper allocations of the budget as per the actual requirement and in most optimal way.
ISO 55001 (RBAM) collects critical information based on ground realities and helps in fiscal decision making. Following are the critical phases:
- 1. Classify
- 2. Analyze
- 3. Control
- 4. Measure
Risk Based Asset Management - ISO 55001 has significant impact on asset-intensive business and processes. Main goal of RBAM is to analyse existing and future risks and then create a balance between operation performance of an asset and its life cycle. ISO 55001 is all about identification of risks, mitigate and eliminate them on time, so the performance of the assets doesn't go down and overall cost remains as low as possible to increase productivity and profit.