The Importance of ISO 55000
The driving impetus behind ensuring Visions is compliant with these major regulatory bodies goes deeper than just peace of mind with auditing. These standards exist for a reason: to regulate the boundaries under which physical assets are managed in order to best prevent failure or mishap. When critical assets fail, the results are catastrophic. Unplanned shutdowns expose companies to financial challenges on several fronts - including repair, replacement, and lost revenue – while simultaneously exposing the company to increased environmental and safety hazards. Just recently, an incident of equipment failure at Westlake Chemical came with the price tag of $40 million dollars.
It is for this reason that regulatory adherence is so critical. A prime example is ISO 55000. It helps companies reduce risk of equipment failure by establishing a prioritized approach to asset integrity management. It incorporates key performance indicators and prioritizes inspection intervals according to assessed risk, so that assets running below peak performance are inspected more urgently. Through the establishment of comprehensive maintenance and inspection data histories, owner operators are better informed and able to plan, which reallocates capital toward prevention instead of reaction. In short, it helps companies establish a comprehensive approach to risk management, providing a more thorough oversight into the real, ongoing performance of their assets. This leads to:
- Reduced risk of failure and associated reactionary costs
- Extended equipment life
- More intelligently allocated capital toward preventative maintenance instead of reactionary cleanup
- Detailed audit trails for insurance adjusters
- Significantly improved ROI.
Visions Enterprise is modelled off the ISO 55000 Standard, enhancing transparency in auditing and simplifying compliance. It enables an organization to assess risk, set key performance indicators, and mitigate known issues. Via continuous improvement and mitigation activities, owner operators are able to achieve optimal asset performance, reduced risk of shutdown or equipment failure, and maximized project ROI.