Asset Management for Engineers Unit 11: Asset Management Risks Including Contingency Planning
This unit has been designed to develop your understanding of how risks associated with assets and asset management are managed.
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The Woodhouse Partnership Ltd (TWPL) is a world-leading authority on asset management, risk management, operational excellence, life-cycle costing, risk and performance optimisation.
TWPL has led and facilitated the development of BSI PAS 55 and ISO 55000 standards, the IAM Competency Requirements Framework and Asset Management Maturity guidance.
TWPL operates on a global basis with its head office based near Newbury, Berkshire in the UK with regional offices in North America and Latin America and has been providing education, training and workplace mentoring in asset management for 20 years in 28 countries and most industry sectors.
TWPL’s own Asset Management Academy offers asset management training to individuals and corporate clients at all levels of asset management expertise. The training portfolio includes courses that are aligned to ISO 55000 and the IAMs Competences Framework.
TWPL was one of the first Asset Management training organiSations to be endorsed by the Institute of Asset Management for professional Asset Management competency development.
• Understand how risk is integrally managed throughout all Asset Management activities.
• Understand how the Strategic Asset Management Plan is used to manage long-term asset management risk.
• Understand the principles of risk management that are related to assets and Asset Management processes.
• Understand how governance of risk management is integrated into the management of the organisation.
• Understand common techniques and methodologies used in risk management including risk registers, the bow-tie method and risk assessment.
• Be able to contribute effectively to risk assessments for Asset Management.
• Understand the use of risk and criticality in prioritising plans.
• Understand how management of risk that changes with time is managed.
• Understand how actions (treatment) are progressed and monitored, and the importance of clear accountability.
• Understand the need for contingency planning, how contingency plans are developed, and how they are tested.
Typical roles in an organisation include:
· Engineering and technical managers
· Project managers and engineers
· Operations managers and staff
· Maintenance managers and staff