Asset Criticality Assessment (ACA)
April 04, 2025
Goal of the Assessment:
Establish a strong framework for prioritizing assets according to their significance to business operations, safety, regulatory compliance, and overarching organizational goals. This is especially vital in sectors such as manufacturing, energy, utilities, and information technology.Importance of ACA :
Asset Criticality Analysis (ACA) is essential for prioritizing maintenance, improving reliability, and minimizing operational risks. It evaluates how equipment failures impact organizational performance.Note :*Ensures reliability improvements are based on risk rather than perception*
Risk Evaluation = Likelihood of Failure * Consequences of Failure
Illustrative Risk Matrix
Our Approach to ACA
A. Define Scope:
Asset types: Physical, IT, intellectual property, human resources. Business units/departments to audit. Criticality criteria: Safety, compliance, reputation, production impact.
B. Review Asset Inventory:
Verify up-to-date asset register (tagged, categorized, documented). Include tangible and intangible assets.
C. Evaluate Process:
Methodology review (risk matrix, FMEA, scoring). Alignment with organizational goals. Assess operational, safety, financial, regulatory, and reputational impacts.
D. Validate Ratings:
Consistency checks with historical data (failures, downtime). Ensure periodic reviews for changing priorities.
E. Risk Mitigation:
Evaluate strategies: maintenance plans, redundancy, contingency planning. Monitor systems (RBI studies, LOPA, spares optimization).
F. Documentation & Governance:
Verify documented policies, roles, and accountability. Integrate ACA into overall risk management framework.
G. Interview Stakeholders:
Gather feedback from asset managers, maintenance teams, and staff. Identify process gaps or challenges.
H. Report Findings:
Detailed audit report with: Process overview Identified risks and gaps Actionable recommendations (e.g., data tools, predictive maintenance).
I. Follow-Up & Continuous Improvement:
Monitor implementation of recommendations . Schedule periodic reviews to align with organizational objectives.
Business Value
- INCREASE OPERATIONAL EFFICIENCY
- COST SAVING THINKING.
- RISK MITIGATION.
- STRATEGIC DECESION MAKING
- LONG TERM SUSTAIBALITY
- FUTURE BASED THINKING
- REDUCED THE RISK OF ASSEST FAILURE
- ENHANCED DECISION MAKINGRISK
- COMPLIANCE & REGULATORY ADHERANCE
- SUSTAINABLITY & ESG COMPLIANCE
- BUISNES CONTINUTY & COMPETITIVE ADVANTAGE
Focus Industries
- Manufacturing
- Oil & Gas
- Utilities (Electric, Water, Gas)
- Power
- Aerospace & Aviation
- Metal & Mining
- Construction
- Automotive Repair
- Shipbuilding & Marine
- Telecommunications
