Risk Assessment and Facility Management

Risk-Based Inspection (RBI) is a method of planning inspections based on the level of risk associated with different components or equipment.

RBI aims to ensure safety, reliability, and cost-effectiveness through proactive inspection planning.

RBI considers the potential for a component to fail, the severity of the consequences if it does fail, and the probability of those consequences occurring.

RBI involves a comprehensive process that includes data collection, assessment of damage mechanisms, determining the probability of failure (POF), evaluating the consequences of failure (COF), and establishing a suitable inspection strategy based on the calculated risk.

RBI helps optimize resources by focusing on the most critical elements of the system.

RBI is not mandatory, but its adoption is encouraged as best practice for responsible asset management.

RBI allows for adjustments in inspection schedules and methodologies based on changes in operating conditions, equipment age, or the emergence of new threats.

A single item or group of components that are part of a system.

Something that happens at a specific time and place.

A visual tool that shows how events connect and lead to potential outcomes.

An event caused by factors outside of a facility's control.

Any location with equipment or components related to this recommended practice.

The loss of a system or component's ability to function properly.

The specific way a system or component fails.

A process to evaluate damage or defects in a component or equipment to determine if it's safe for continued use.

When a component, piece of equipment, or system can't fulfill its intended purpose.

A potential source of harm due to a component failure, which could lead to injury, death, property damage, or environmental damage.

A systematic process that involves identifying potential hazards and risks in equipment and operations.

A thorough examination of an asset's condition, both internally, externally, or while it's in operation.

A plan that outlines how and when an asset or component will be inspected, repaired, or maintained.

The likelihood of a component failing, expressed as a probability of failure (POF). This can be based on historical data, expert judgment or other methods.

The severity of consequences if a component fails, considering the potential harm to safety, environment, or economics.

A visual tool used to prioritize inspection efforts by plotting the POF (probability of failure) against the COF (consequence of failure) for different equipment items.

A line on an iso-risk plot that represents a constant level of risk, indicating equipment with similar overall risk despite varying POF and COF.

A management plan that focuses inspection efforts on equipment with the highest risk, based on their POF and COF.

The chance of something happening within a specific timeframe, usually related to equipment failure.

The negative consequences of an event, such as financial loss, environmental damage, or injury.

The likelihood of an event occurring multiplied by the negative consequences of that event.

The process of identifying, analyzing, and controlling potential risks.

Actions taken to reduce or eliminate risk, such as using stronger materials or changing operational practices.

A specific method of reducing risk that involves inspecting assets to identify damage and assess the rate of deterioration.

A method of reducing risk that involves keeping an asset's operation within defined limits to prevent damage.

The core concept of risk management: 'The higher the risk, the more important it is to manage and reduce it.'

An organized process that focuses on minimizing risk and maximizing the effectiveness of inspections by prioritizing components based on their risk.

A component's susceptibility to different types of damage, such as corrosion, erosion, or fatigue.