Determine the business risk by using standard EAM functionality. Use the RCM functions of the system to define risks as events that may cause failure to achieve objectives. To identify risks, clients typically gather suitable workshop participants and explore the source and consequences of risks. These are typical questions to ask:
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What are the risks to achieve the organizations objectives?
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What is the source of the risk?
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What might happen?
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What would be the effect?
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Where, when, and why are these risks likely to occur?
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What controls mitigate these risks?
A common approach is to begin the risk identification at a broad level. After subsequent risk assessments, introduce increased rigor. For details on defining RCM, see the HxGN EAM RCM brief.
Risk and criticality can also be determined using the equipment ranking functions of HxGN EAM. For details on defining and activating these functions, see the HxGN EAM Equipment Rankings brief and the sections that discuss risk priority indexes and criticality indexes.