Risk Management Functions

These should be done as a normal part of asset management. The situations will change for individual assets, and for the systems which they form part of, throughout their lives, and as demands for the service they provide change.

This must be a dynamic process, starting with the identification of the critical assets, to the analysis of risk, and the development of risk reduction activities and failure management plans.

In all cases the application of risk management techniques should be carried out to derive a benefit for the organization concerned. If no benefit results, then risk management is not achieving its purposes.

A typical risk management process is as shown below: