The Link Between Asset Risk Management and Maintenance Performance: A Study of Industrial Manufacturing Companies

Abstract

<p><strong>Purpose: </strong>The purpose of this paper is to examine risk management practices and their impact on performance. Specifically, the study aimed to examine risk management practices as part of physical asset management and their impact on maintenance management and its performance.</p><p><strong>Methodology/Approach: </strong>The empirical data were obtained from 76 manufacturing companies. Partial Least Squares Path Modeling (PLS-PM) was applied to evaluate the measurement and structural model.</p><p><strong>Findings: </strong>The results emphasized the importance of integrating risk management practices into asset management processes in order to improve performance outcomes.</p><p><strong>Research Limitation/Implication: </strong>This study contributes to a better understanding of how companies could achieve higher performance results by implementing risk management practices. The results of this study can help managers identify key asset risk management practices. Despite the important implications that can be derived from this study, further research that would extend the model to include additional performance measures and/or asset management dimensions would be of great importance.</p><strong>Originality/Value of paper: </strong>By analyzing the interrelationships between asset risk management practices and their direct and indirect effects on maintenance performance, the study provides important insights for the development of strategies to promote the novel and important discipline of asset management.

An Approach to Sustainability Risk Assessment in Industrial Assets

“…Phase 0. Identify ISO 55,000 and ISO 31,000 as relevant standards and scientific studies to manage extra-financial risks more efficiently and promote the sustainability of investments [17,24,25]. These standards, guidelines, recommendation of current framework [17,24,25,41,46], and main interest issues found in last reviews addressing private and public sector are the theoretical background to develop the proposed procedure [33,[47][48].…”

“…Asset life cycle and control levels are relevant aspect in all these frameworks, but sustainability risks are not fully analyzed in all cases. As already mentioned, the scientific literature shows different models of industrial asset management focused on the life cycle [27,41], planning and control of activities related to assets [46], management of intangible assets [63], or on the treatment of risk in maintenance activities [17,64]. Our proposed procedure lets sustainability risk assessment in industrial assets and could be integrated into previous developed frameworks.…”

Reference Network and Localization Architecture for Smart Manufacturing based on 5G

“…These layers are considered being orthogonal to those of IT ecosystems, which apply here too [17]: i) operational: governing shop-floor activities, reporting of key performance indicators; ii) tactical: transformation of long-term objectives to medium/short-term decisions; and iii) strategic level: governing an organization's asset portfolio to support capital investment decisions. By this, asset and configuration management leverages the ability to generate and manage knowledge [5], as well as to achieve the balance between performance, costs and risks in a company's business objectives [13].Furthermore, it enables self-X features, which keeps complex CPPS controllable by being self-configurable, self-optimizing, self-healing, self-explanatory and self-protecting [15].…”

41 st International Conference on Organizational Science Development

“…It can help organizations in managing expenditures and activities to achieve their goals. Further, effective risk management and decision making are essential elements in managing industrial assets (Lima et al, 2021;Maletič et al, 2018;Maletič, Pačaiová, et al, 2020;Pačaiová et al, 2017;Trindade et al, 2019). Asset management also improves efficiency and effectiveness by reviewing and improving processes, procedures, and asset performance.…”