Asset Risk and Governance

Organizations are under increased pressure to demonstrate due diligence in upholding H&S and protecting the environment.  With this, challenges exist in managing risk for new equipment/technology; where operating context specific maintenance requirements have not had the opportunity to be demonstrated or identified, in prioritizing future capital, and re-evaluation of the organization's risk exposure.
This presentation will provide an overview of the development of the risk model, prefaced with a brief review of foundational elements which were required to implement the risk model at the Ontario Clean Water Agency.  The strategy employed uses a common matrix approach to probability and consequence of failure ranking, however, application of this approach has been defined to support rapid deployment for new infrastructure while providing an effective base for analysis.
Topics covered will include establishing the end goals used for framework development and how these facilitate deployment within the agency.  This model allows the organization to support effective project identification and prioritization, while including mechanisms for continuous evolution of the method as well as the organization's asset and maintenance management program.