Insight
A Holistic Approach to Asset Risk Management: The Benefits of Combining Mechanical Integrity and Reliability Programs
Industry-wide, many organizations tend to develop and implement Mechanical Integrity (MI) and asset reliability programs separately. When the first process safety regulation was promulgated 30 years ago, it was understandable that many MI programs were developed as stand-alone systems. In addition, with the asset reliability improvement efforts over the past 10 to 15 years, there was reluctance to include MI activities and systems in the asset reliability programs.
With the release of ISO 55000 Asset Management Standards and the increased implementation of ISO 55000 programs, especially within international organizations, there is now an industry-wide movement toward holistic asset risk management.
In this paper, we discuss how MI and reliability programs address various asset risks, including operational, environmental and regulatory, and how to effectively combine key activities, such as the identification of safety-critical equipment and asset criticality, based on program similarities.