A risk-based asset and maintenance strategy prioritises the management and upkeep of assets based on their criticality and potential impact on operations. By assessing the risk associated with each asset, considering factors such as failure probability, potential consequences and operational importance, organisations can allocate maintenance resources more effectively. This approach focuses on addressing high-risk assets with tailored maintenance plans, thereby reducing the likelihood of unexpected failures and minimising downtime. The strategy ensures that maintenance efforts are directed where they are most needed, optimising resource use and enhancing overall operational reliability.

Involves the systematic handling of asset data from its initial creation through to its final disposal. This process ensures that accurate, up-to-date information is available at every stage of an asset’s life from procurement and installation to maintenance and retirement. Effective management includes capturing detailed asset records, such as specifications, performance data, and maintenance history, and ensuring this information is consistently updated and accessible to relevant stakeholders.