A Systemic Risk Management Model to Manage the Equipment Maintenance System in Oil and Gas Companies

The risk management is significant when managing the equipment maintenance system (EMS) which is very important to maintain equipment operations and is fundamental for achieving business objectives. With the advent of risk-based thinking in industry, there was a need for introducing the risk culture within the organization, including maintenance, in order to reduce business losses. Analysis of equipment failures data showed a relation between the failures types with their consequences, and all interaction with system maintenance components. The ineffective maintenance system may cause multiple losses for the organization and therefore affects the whole business. This paper introduces a systemic risk management model to manage the maintenance system undesired events and control the impact on the organization and the consequences on business. Using systemic risk management model, the maintenance professional can manage the whole maintenance system through risk analysis, assessment, and management by creating the different risk scenarios to develop proper types of control.