Implementation of a Risk Based Inspection (RBI) Program
The immediate cost saving advantages of adopting an RBI approach to asset integrity management are gaining momentum. Corporations are increasingly realizing that RBI, with its ability to intelligently analyze equipment’s probability of failure (POF) vs consequence of failure (COF), is the prudent approach to managing critical assets. Embracing RBI assures that a structured, systematic, and technically defensible approach is used to make decisions. RBI significantly reduces instances of equipment failure and minimizes unplanned shutdowns.
Risk Based Inspection – Why Consider it?
In the realm of asset integrity management, where every moment counts in financial terms, organizations must prioritize strategies that are not only cost-effective but also prioritize safety, regulatory compliance, asset integrity, operational efficiency, and data-driven decision-making. This is particularly crucial for owner operators who are burdened by unnecessary expenses resulting from over inspection, under inspection and outdated inspection methods. Notably, equipment failures annually cost the US refining industry billions, with a significant portion attributed to static equipment loss of containment.
Comparing Standalone RBI Products with Asset Integrity Management Solutions
Risk Based Inspection (RBI). A pillar in modern asset integrity technology, its benefits have become widely known and accepted. The intelligent risk analysis afforded in comparing an asset’s unique probability of failure (PoF) vs. its consequence of failure (CoF) allows operators to reliably extend inspection intervals. In fact, RBI has been shown to reduce inspection points by as much as 80%, and cut down the likelihood of unplanned shutdowns by more than half.
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.