Risk Technology of the Week | Capstone RBMI Rotating Equipment

An advanced predictive software developed by Lloyd's Register Energy Americas is being described as "the first reliability-based mechanical integrity software for strategizing the maintenance of rotating equipment." A very useful tool for industries such as manufacturing and construction, with heavy machinery and currently no optimal way of measuring the expected life and utility of rotating equipment. 

"The software uses equipment-specific risk models, adding variables such as environment, use and other factors, to make base mean-time-to-failure predictions, says Reeves. It also factors in the manufacturer and model "to predict how often a component will fail," he says."

The combination of data from both the piece of equipment itself and the comprehensive data from its predecessors, creates a valuable predicitve model for the software to help companies avoid equipment failure and risk claims.

Click here to learn more about this equipment risk analysis technology  

What technology trends are having a huge impact on risk management?

The latest trends in information technology have a huge impact company-wide, from the IT department implementing new resources to the managers and executives who utilize them. Each office, person, and device add a dimension of risk, cost, storage, and compliance. I’d like to focus on the risk component, and how the information technology trends we are seeing today are challenging risk professionals, more than ever, to know what they are dealing with. And like Charles Tremper once said, “The first step in the risk management process is to acknowledge the reality of risk. Denial is a common tactic that substitutes deliberate ignorance for thoughtful planning.” So let’s get to acknowledging...

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