3 Ways to Improve Your Risk Assessment Strategy

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March 8, 2022 | Meg Riley

5 minute read

Do you have a goal to further develop your strategy for pipe inspection, condition evaluation, risk assessment, capital investment, and implementation planning? There’s an asset management solution for every utility! Collaborative asset teams can inform and deliver actionable asset condition and risk planning in the cloud, merging productivity from the field to the office.

 

1. Plan for Potential Future Risks or Failures

To stay ahead of any pipe failures or breaks, and to secure funding for long-term rehab, plans for 20 or 40 years in the future are necessary. It isn’t wise to only look two to five years ahead. The latest in asset management software helps you determine business risk exposure accurately from likelihood and consequence of failure calculations, and keep risk updated continuously based on the latest inspections and asset condition data.

 

2. Conduct Deliberate Risk Assessment

Need a more intentional process for forecasting and rehab? With centralized cloud-based risk planning, you can access the risk matrix feature which provides a clear visual for your utility to prioritize pipe repair and replacement. It’s even easier to develop a strategic plan. You can prioritize renewal and replacement based on color symbology, which displays the assets that need more immediate attention and which are lower priority.

 

3. Strengthen Asset and Budget Planning

Know exactly where to allocate your capital and operation and maintenance (O&M) budgets to maximize the asset lifecycle! This innovative asset management tool enables you to pull all necessary data into the platform and use it to evaluate risk within the system. From that populated data, you can more efficiently develop a rehab action plan and make accurate cost projections for additional funding. Thus, securing funding for rehab efforts and forecasting your long-term capital.

 

Asset Condition Management and Risk Planning for Every Utility

Wouldn’t you like to view all your inspection and risk planning data in one place? One platform to leverage well-managed assets, condition, and risk data to prioritize cleaning, repairs, replacements, and further inspections, based on data-driven risk planning. Communication from the office to the field is more efficient, to help build productivity among your team and complete projects quicker.

 

To discover more about how innovative asset management software can help you, read this success story. If you’d like to learn more about the software solution, speak with an expert today!

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Tags: Info360 Asset, Product Knowledge, Asset Management

About the Authors

Meg Riley

Meg Riley

Digital Content Specialist

 

Meg Riley is a digital content specialist with a ten-year background in content writing.