How CMMS Helps You Conduct a Risk Audit

Risk is a part of any business, whether it’s public or private. While it’s impossible to eliminate risk, healthy organizations will identify potential risks and make plans to reduce them.

A risk audit requires the identification of any element that can interfere with an organization’s production. Conducting a risk audit requires asking three key questions…

  • How vital are the assets at risk?
  • How serious are the threats?
  • How susceptible is the organization or system to the threats?

Maintenance and Risk

The maintenance department plays a vital role in identifying risks because their job responsibilities intersect with so many parts of an organization.

Perhaps no other department is in a better position to understand what can go wrong, how likely it is to happen, and what the consequences could be.

The maintenance team can identify potential risks such as…

  • Aging equipment
  • Employee training requirements
  • Changing regulations
  • Reduced or no support from vendors
  • Limited or unavailable parts
  • Security protocol
  • Equipment and facility safety
  • Product or service quality

Risk and CMMS Software

CMMS software enables maintenance professionals to evaluate risk using data-driven management. With each purchase and every work order, CMMS software gathers data on things like…

  • Maintenance costs
  • Energy costs
  • Life expectancy
  • Warranty information
  • Replacement costs
  • Other custom data

Armed with that information, the maintenance team can offer suggestions on ways to reduce the risks that could lead to financial losses, such as…

  1. Making precautionary measures, where possible
  2. Developing response plans, should the risk become reality
  3. Revisiting and updating the audit at appropriate time intervals

The purpose of a risk audit is to find potential issues—and possible solutions. So, when the risk becomes a reality, your organization is ready.

Learn more about how CMMS software can help your organization mitigate risk. Leave a comment or contact us.