How Does Asset Management Improve Risk And Safety?
Asset risk management is a method of identifying, assessing, and mitigating risks associated with an organisation’s assets and facilities. Whether it is a building, piece of machinery or a vehicle, all can be capable of impacting the health and safety of workers. Machinery (or any asset) that has not been serviced in a timely manner will deteriorate with time, which can impact both the organisation’s safety record and the ability for workers to carry out daily tasks safely.
The Effects Of Inadequate Maintenance
- Decline in the performance of the asset
- Increased risk of water leaks and/or air pollution
- Put workers at risk through malfunctions
- Loss of productivity due to the asset being unavailable
- Increased costs due to frequent reactive asset repair or replacement
- Increased resource waste and carbon footprint
Typical risks from asset failure can result in exposure to hazards (e.g. noise, vibration, entrapments), chemical hazards (e.g. exposure to asbestos containing materials) or biological hazards (e.g. exposure to biological agents). It is critical to track the maintenance of assets correctly to ensure workplace health and safety risks are managed in an appropriate manner.
How Asset Maintenance Helps Promote Safety in the Workplace
Through the enforcement of regulations, scheduled safety check activities, condition and risk audits, reporting, and the administration of preventative actions, asset maintenance promotes workplace health and safety. Enterprise asset management (EAM) provides a number of important advantages that help lower risk and raise worker safety. Staying current with new health and safety compliance regulations is a continuous challenge. Environmental, health, and safety personnel are essential in ensuring documentation and guidelines are always up to date.
The Hidden Link: Sustainability And Insurance Premiums
The worldwide insurance sector places significant emphasis on enterprise asset management systems. These systems are primarily established to safeguard and oversee machinery and equipment. Yet their influence on an organisations financial, ESG frameworks and sustainability is frequently underestimated. The nature and proficiency of the enterprise asset management system can have profound implications for the management of carbon and climate change vulnerabilities, water waste, landfill and pollution management.
Enterprise asset management reporting can help when shifting from a Corporate Social Responsibility (CSR) focus to a largely Environmental, Social, and Governance (ESG) focus. ESG is a way to quantifiably measure your organisation’s impact on society and the environment, using metrics that deliver long-term stakeholder value.
Prioritising Asset Risk Management
Prioritising assets based on risk is essential to the management of assets and critical infrastructure. The goal is to prioritise assets relating to two main criteria:
- How important they are to the functioning of the organisation
- The possible dangers they might represent
Decisions on investments, associated projects, maintenance, and upgrades are informed by this prioritisation approach. It is crucial to evaluate both aspects independently.
Proper Documentation
Crucial for safety compliance and risk management, enterprise asset management software facilitates the electronic storage of documentation such as maintenance records, inspection reports, and safety certifications. This documentation is easily accessible for audits and for proof of regulatory compliance checks.
Tracking Employee Training
Managing employee training and certification related to equipment operation and safety protocols ensures that employees are professionally trained and certified to operate assets and reduces the risk of accidents and injuries.
Effective Emergency Response
Maintain effective emergency response planning by providing accurate asset information and location data during emergencies or crises. This enhances safety measures and minimises potential risks to personnel and assets.
Enterprise asset management is crucial for promoting safety, sustainability, reliability, and efficiency. Hardcat’s software solutions helps organisations with asset risk management and increases safety by providing enhanced visibility, facilitating initiative-taking maintenance, ensuring compliance with regulations, enabling risk assessment, maintaining proper documentation, tracking employee training, and supporting emergency response planning.
