Reliability Centered Maintenance (RCM) in HxGN EAM lets you define either a Risk Assessment or a Risk Analysis or a Failure Mode Effects and Criticality Analysis (FMECA) for a location, a system, a position, or an asset.
During a Risk Assessment you define functions, functional failures, and the consequences of these functional failures. A Risk Assessment is typically performed on locations and equipment on higher levels in the equipment hierarchy, such as a storage location or a production line.
A Risk Analysis is like a Risk Assessment but also includes definition of failure modes. Risk Analysis is more detailed research of the equipment risk and therefore is mostly done on equipment on lower levels in the equipment hierarchy.
A FMECA looks very much like a Risk Assessment, but instead of functional failures the system lets you define failure modes and the consequences for these failure modes.
Failure mitigation, for example via preventive maintenance or condition-based maintenance, can be applied to any of the defined failure modes of the equipment. As a consequence, mitigation can only be defined for a Risk Analysis or a FMECA, because they both support the definition of failure modes.