5 Ways to Improve Your Regulatory Compliance
When it comes to the asset integrity management (AIM) of plants and facilities, it seems that everyone has a different definition of what regulatory compliance entails. With so many differing regulatory bodies across the globe (each with different requirements) it can be difficult to pinpoint exactly what steps a company needs to take to ensure that compliance will be met. Thus, it’s a challenging tenant of AIM to get right – and yet, with the risk of hefty fines in case of an audit failure, it’s also an expensive one to get wrong.
Harness Asset Integrity Management to Maximize LNG Liquefaction Expansion
The LNG industry is expanding rapidly, growing 4-6% annually. In fact, LNG now accounts for 12% of all gas demand. This is in large part due to new technologies that have surfaced in the industry in recent years – namely offshore facilities like Floating Storage Regasification Units (FSRUs) and Floating Liquefaction – that are increasing the market’s reach and encouraging global liquefaction development.
Best Practices for Implementing a Risk Based Inspection (RBI) Program
The immediate cost saving advantages of adopting a Risk Based Inspection (RBI) approach to asset integrity management are gaining momentum. More and more corporations are realizing that RBI, with its ability to intelligently analyze equipment’s probability of failure (POF) vs consequence of failure (COF), is the more prudent approach to managing their critical assets. It assures that a structured, systematic, and technically defensible approach is used to make decisions. After all, it drastically reduces instances of equipment failure and more than halves the likelihood of unplanned shutdowns.