Below is a list of all the common risks that will be flagged by AssetChief, a lot of which refer to incomplete or misconfigured assets:
Asset has circular dependency
This arises if an asset is set to depend on another asset, and that asset depends on the original asset - creating a "circle". Sometimes the relationship may be more complex, but it still comes down to a circular dependency. It's important to make sure that dependencies are set correctly in the system, otherwise it will not be able to determine the impact of risks.
Backup for asset is costly to deploy
When alternatives are provided for an asset, a cost can be associated with installing the replacement. If that cost is greater than 50% of the asset itself then it is considered a high cost, and thus a greater risk should failure occur.
Asset is unavailable / retired
When an asset is marked as unavailable, and that asset has value to the business, then this is a certain risk.
Asset is currently in transit
If an asset is marked as being in-transit then it is considered to be at a greater risk because it can be lost or compromised.
Lease or contract end is imminent
If the lease for an asset ends within the next 30 days, the asset will be flagged as being at a greater risk until the lease is extended or a replacement found.
Asset at end of life
When an asset is nearing its expected lifetime, then it will be flagged as a higher risk because the likelihood of failure has increased. Finding a suitable replacement is recommended.
Date of asset acquisition not set
It's important to know the date an asset was acquired in order to determine its current age.
Expected service lifetime not set
It's important to know the expected lifetime of an asset so the likelihood of failure can be determined.
No documentation available
Having some documentation available for an asset is important to ensure it can be readily maintained by personnel.
Insurance will soon expire / Insurance has expired
If an asset has an insurance policy and that policy will soon expire, the risk increases as the asset will soon be without adequate insurance coverage.
Warranty or maintenance contract will soon expire / Warranty or maintenance contract has expired
If an asset has a warranty or maintenance policy and that policy will soon expire, the risk increases as the asset will soon be without adequate coverage.
Work is pending on this asset
If work is actively being carried out on an asset, then it is considered to be at a higher risk because changes can inadvertently cause failure.
Pending work has associated risk
If that pending work was specified with custom risks entered by the user, then those will appear with this risk entry.
Asset has no photo
Having a photograph of an asset is important to help staff identify the asset, helps determine wear and tear, and can be useful for insurance purposes.
Asset vendor XXX is unreliable
Vendors have an optional reliability score. If that vendor's reliability has deteriorated, then all associated assets will be affected.
The sole vendor for this asset is a very small entity
If a vendor's size is set to "Very Small", and that is the only vendor for an asset, then the asset will be considered at-risk.
XXX Instrument value is high / low
If an instrumentation reading for an asset is approaching a trigger, then it will be flagged as a risk.
XXX instrumentation value may exceed threshold before next inspection
If an instrumentation reading for an asset is projected to exceed the trigger threshold by the next inspection, then it will be flagged as a high risk.
Instrumentation volatility is high
If an instrumentation reading for an asset has high volatility (ie. it changes significantly on each reading) then this may indicate you should take more frequent readings.
Asset has no instrumentation
We recommend having at least one instrumentation reading tracked for an asset in order to measure its functioning.
Required skills not defined for this asset
Assets should have the Required Skills define, which lists all of the skills required to maintain that asset.
Critical skills not available
If critical skills are listed but there are no users available who have those skills then it will be flagged as a risk.
Critical skills not adequately covered
Less of a risk, but if critical skills are listed but only 1 user has those skills, it will be flagged as being inadequately covered.
Asset had recent work performed
If an asset has recently been worked on, it may be at risk of failure.
Asset had unplanned outage
If an asset had recently been marked as unavailable, and it was not planned, then this suggests the probability of failure has increased.
Lack of specialization
Every asset can have features listed that it provides. Of those features, some may be marked as being used. If an asset provides lots of features but only 1 or 2 features are used then it suggests the asset is not specialized. This may increase the risk as the other features may over-complicate maintenance of the asset. Upgrades to the asset may compromise the features that are used.
Critical skills not available for project
If a project is defined with required skills, but nobody with those skills are available, it will be flagged as a risk.
Impact increased because this asset has intrinsic value.
You may see this message included in any risk evaluation if the asset has Intrinsic or Inferred value.
Impact increased because of averse risk appetite
You may see this message included in any risk evaluation if the risk appetite is set to risk-averse.
Risk increased because this is a commonly shared asset.
You may see this message included in any risk evaluation if the asset is shared by multiple people.
Risk increased because this asset is used by customers.
If an asset has Clients set, then you will see this message included in a risk evaluation.
Risk impact decreased because this asset has alternatives (redundancy).
You may see this message included in any risk evaluation if adequate alternative assets are discovered.
No redundancy available
If no Alternatives are provided for an asset, then it will be flagged as a risk.
Keep in mind that these:
1. Can be ignored by clicking the risk and selecting "Ignore / Modify".
2. Will be supplemented by additional custom risks that the user can enter for each asset under the Risk Registry tab.
Next Topic: Risk Reporting