Standard Risk Events are a component of the Conquest Risk module, for which a licence must be installed to make them available.
A Standard Risk Event is a template for a Risk Event. It belongs to an Asset Type, which determines for which Assets any Risk Events based on the Standard Risk Event are available. Risk Events based on a particular Standard Risk Event can be created for any Asset of the Asset Type to which the Standard Risk Event belongs or any of its child Asset Types.
A Standard Risk Event is a template for a Risk Event and provides:
•A Default value for the Consequences of Failure
•A method for calculating the Probability of Failure
When an Asset is created for an Asset Type with Standard Risk Events configured to ‘Automatically Create’, the new Asset will have corresponding Risk Events generated for it.
Standard Risk Events are accessed and managed through the Asset Type form.
Calculating the Probability of Failure Automatically
Standard Risk Events provide a method of calculating the probability of failure automatically based on information from the Asset for which the Risk Event is being created. The basis for the calculation can be:
•Any numeric user field
•Overall condition
•Any condition attribute
•Any dimension
•Remaining useful life
•The current log book reading
The system uses a Curve to calculate the probability of failure. The minimum and maximum values determine the scale on the X-Axis of the curve. Any value in the selected field less than the minimum value has a probability of zero. Any value in the selected field that is greater than the maximum value has a probability of 100%.
The probability of failure is set when the Risk Event is created or when the Recalculate Risk Scores function is executed.