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Purpose of the Risk Register
Components of the risk Register
A risk register typically includes the following components for each risk hazard:
Classification of Risk Registers
Included below are some examples of risk register items
Classification 1: by level.
Risks by Asset Class
LIsted below are some examples of "events" that could be included in a risk register.
Process or Developing the Risk Register
Listed below are the key steps in developing a risk register:
Fig. Different types of risk registers to capture enterprise risk, asset risk, project risk and operational risk.
Fig. Risk-based decision making is at the heart of asset management and this requires mindful consideration of the relationship between the probability of failure (PoF) and the consequences of failure (CoF). The complexities of these correlations can sometimes be captured on a risk matrix.
Fig. The relationship between Consequences of Failure (CoF) represented on the vertical (y-axis) and Probability of Failure (PoF) on the horizontal (x-axis) of a criticality/risk matrix.
Fig. I. Care is trying to re-align his building’s magnetic north to geodetic true north and thereby use his building as a sundial to cast the right shadow and identify all the critical assets
Fig. The risk spectrum extending along the P-F interval to illustrate the varying strategies in the Pre-P and Pre-F periods. For example, a shift from Time-Based Maintenance (TbM) to Condition-Based Maintenance (CbM).
Fig. I. Care is oblivious to the extraordinary events that can totally wipe out his assets and upset the delicate order of things, such as force majeure and acts of God.
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