Understanding the impact and risks associated with asset failures
The criticality and risk assessment (CARA) method serves as a comprehensive approach for developing an understanding of asset criticality and risk. It includes a step for classifying assets based on criticality and the risks associated with failure. This enables companies to apply resources towards managing the risks of the assets with the highest ranking. Wipro’s Energy Asset Management (EAM) practitioners offer a proven consulting approach to help companies conduct CARA-based evaluations and establish the groundwork for subsequent initiatives and analysis such as Reliability-Centered Maintenance (RCM) and Risk-Based Inspections (RBI).
Pre-deﬁned tools assist in the execution of the evaluation, while enhancing visibility and understanding of assets’ criticality and ranking and increasing conﬁdence in a roadmap to condition-based maintenance.