Risk Events are a component of the Conquest Risk Module. The Risk licence must be installed for Risk Events to be available.
A Risk Event represents something that might impact on an Asset’s performance, and consists of:
•A score for each of the Consequences of Failure
•A Probability of Failure, which can be:
•Automatically calculated based on information from the Asset
•From the Default PoF on a Standard Risk Event
•Manually entered by a User to overwrite the default or calculated value
•A local Risk Factor
A Risk Event has the following calculated values:
|
Name |
Value |
|
Risk Consequence |
The weighted average of the Consequences of Failure. |
|
Consequence Cost |
The product of the Risk Consequence and cost multiplier |
|
Risk |
The product of the: •Criticality Score •Probability of Failure •Risk Factor |
|
Risk Cost |
The product of the Risk and the cost multiplier |
|
Risk Criticality |
In the Risk Criticality code set, the code with a point score closest to the Risk Consequence |
|
Risk Summary |
In the Risk Summary code set, the code with a point score closest to the Risk |
Risk Events can be found on the Risk tab of the Asset form.