NAVITAS CONSULTING provides expertise and strategic consultancy in Physical Assets Risk Management for companies willing to make the difference as responsible physical asset custodians for the operations phase of their life cycle while optimizing performance, reducing costs of failure consequences and mitigating catastrophic incidents to acceptable levels.
In the operations phase it is fundamental to have in place means to ensure cohesion to manage an expressive multitude of failure causes, preventing, reducing or mitigating their consequences to acceptable levels avoiding business to experience financial extreme burden or even more drastic consequences.
Therefore, as the complexity of the new generation of physical assets grows up fast and with new technologies onboard, it becomes crucial to understand the fact that Maintenance Management alone is not capable to ensure the management of risk that may be acceptable by the asset owners, users or the society (regulators and as a whole), as well to choose and implement ways to mitigate it in order to satisfy all expectations surrounding each specific operating context
To successfully accomplish the risk management scope of work and responsibilities it is necessary a much more in-depth corporate understanding about the priority, reasons and in what ways are so important to consider a new functional corporate discipline and organization, that can be called by Physical Asset Management and promote its organizational insertion into the C-Level.
The lack of a top-down direct connection between the C-Level and the physical asset management value chain may imply in gaps to the risk management, similarly to other corporate value chains also evenly strategic for the business sustainability. Hence, this new discipline requires the same level of empowerment as for finances, human resources, and industrial operations.
Despite the fact that corporate risk management best practices over the last 35 years has improved significantly, the concept of responsible custodianship applied to physical assets is still an "Achilles Heel" for many corporations that are striving continuously to reach high standards of performance in all strategic areas, to achieve the so called "Operational Excellence" or "Global Excellence".
Physical assets high consequence failures are rare. However, it may occur at any time, with such unthinkable severity that is capable to collapse the business financially while killing people and causing environmental disasters.
As a result, the responsibility for physical asset responsible custodianship shall begin at the top level management, instead of residing in a lower hierarchical level organization or overlooked.
This organizational paradox urges to be better known, understood and properly managed by responsible corporations.
Critical aspects to be considered while building up a relevant, well designed and effective Physical Asset Management custodianship in your corporation include topics such as:
- Physical Assets Management Organization
- Physical Assets Risk Management Strategies
- Reliability Data Gathering Hierarchy Review
- Reliability Scorecards and KPIs Review
- Reliability-centered Maintenance (RCM)
- Risk-based Inspection (RBI)