Real-Time Risk Dashboard for Equipment with Big Data Analytics

New Big Data and IIoT sensors give asset-intensive companies a real-time corporate view of operational risk and a toolset to optimize profitability and minimize hazards.

Reliability Dynamics¬†and Bursys, a technology services and consulting company, have partnered to deliver Real-Time Risk Management (RTRMTM), an asset performance management (APM) tool that integrates risk data with enterprise resource planning (ERP) data to manage risk control measures for processing facilities and equipment.¬† RTRM uses Industrial Internet of Things (IIoT) sensors and Big Data Analytics to monitor and present a real-time global facilities risk dashboard to corporate management. ¬†This helps companies set APM priorities based on their bottom-line: health and safety, production throughput, and profitability.¬† It also helps companies prioritize application of digital capabilities for their equipment assets.‚ÄĚ

Companies can quickly ramp-up to RTRM by using existing risk datasets.  Most operating and producing companies have already conducted risk assessments as part of operational readiness for new facilities and/or regulatory requirements and have risk datasets available as flat files.  These risk datasets typically require reformatting to make them relational, which is done by (1) explicitly identifying equipment and risk control measures by their unique IDs (e.g. technical tags or ERP system identifiers), and (2) explicitly defining evaluation criteria for risk control measures.  ERP data need to be made object-specific, e.g. inspection results and malfunction data should be recorded explicitly by technical tag.  Reliability and Maintenance data quality management practices are a key component of the RTRM solution.

Basics

Risk management is used to ensure safe and productive facilities operation in asset-intensive industries. Activities include risk assessment and risk mitigation.

ISPM Risk Assessment

A Risk Assessment notification is used for developing and documenting risk scenarios,  This notification type is similar to a Malfunction Report, in that it uses the same ISO 14224 code sets to document equipment failures.   This is logical given that a risk scenario is simply a hypothetical failure event and it facilitates the integration of risk data with malfunction data.