system risks

Ikon Risk Consultings' approach emphasises a thorough, yet creative approach to system risk management. We use combinations of tools and techniques from detailed technical assessments of complex, high-value plant, equipment and installations. In this way, we are able to derive maximum benefit for our clients.

Reliability - Availability - Maintainability (RAM) predictive modelling is a critical asset management technology for assessing future system performance and central to accurate life-cycle costing. The main objective of RAM analyses is to provide a quantitative approach to optimising system and component reliability, availability and maintainability performance in complex and/or interdependent systems. Our proprietary software tools enable RAM analyses using Monte Carlo simulation or analytical methods.

• Systems Performance Optimisation
• Performance Assurance
• Projected failure rates
• Design redundancy issues
• Preventive maintenance policies
• Spares inventory optimisation
• Logistical and operating decisions
• Ageing considerations

Systems Engineering

Systems engineering is a robust approach to the design, creation, and operation of systems. It consists of identification and quantification of system goals, creation of alternative system design concepts, performance of design trades, selection and implementation of the best design, verification that the design is properly built and integrated, and post-implementation assessment of how well the system meets (or met) the goals. Ikon is able to provide the following Systems Engineering services to reduce risk in a business context:

Requirements Management:

• Configuration Management;
• Interface Management;
• Safety and Hazard Management Strategy;
• Assumptions, Dependencies and Process Engineering;

The benefits derived from Systems Engineering include:

• Clear understanding of stakeholder requirements and aspirations;
• Well stated requirements cascaded to the design team;
• Clear verification during integration;
• Clear validation and demonstration of compliance;
• System Assurance task made simpler through traceability;
• Reduced risk to performance, timescale and cost.

asset management

We understand the benefits for infrastructure centred organisations in adopting the PAS 55-1 standard. Our consultants are fully aware of the standard and its requirements. We are committed to the integration of the top-down corporate objectives with the bottom -up delivery and operation. We can support companies who have already adopted and commenced implementation of PAS 55-1. Our role will be to support the strategic asset stewardship through the development of all appropriate standards as required under the standard. For companies just embarking on PAS 55-1 implementation we are happy to work with you, at all levels, to assure corporate governance and manage capital investments, daily operations, maintenance, resources, risks, performance, and sustainability for all its assets.

We will as a minimum assist, develop or implement the following:

• Asset Management/Stewardship Plan,
• Asset Management Standards,
• Asset Management Processes and procedures,
• Other areas of asset management best practice,
• Definitions of asset boundaries.

During the asset review of new equipment or systems we consider best practice and lessons learnt from deployment of other similar systems in Europe & worldwide.