Following a period of review and development, TWI is delighted to announce the launch of the updated version of RiskWISE®.
TWI, as a voting member of the API RP 581 Committee, has actively contributed to the latest edition of API RP 581 – Risk Based Inspection Technology, which was published in 2016.
As a result, the new version of TWI’s RiskWISE® software – compliant with the third edition of API RP 581, and including all changes in quantitative assessments for both Probability and Consequence of Failure (CoF) – has been released.
Some of the key features in the new version of RiskWISE® are:
- Fully quantitative Consequence of Failure (CoF) assessment
- Re-designed inspection and mitigation planning and schedule
- Definition of ISO risk lines and the financial risk target for fully quantitative assessments
- Assists in automatic damage mechanism screening
- Inspection management through definition of Risk Based Remaining Life / Remaining Life Indicator
There are also a number of future developments planned for the RiskWISE® software including:
- API 581 amendments: Implementation of API 581 amendments in 2017
- PRV module: Implementation of a Pressure Relief Valves (PRV) module using the procedure recommended by API581:2016
- Cost Benefit Analysis: Implementation of a Cost Benefit Analysis module that will be added to the existing inspection module in RiskWISE® 6
- Boiler module: Development of RiskWISE® for boilers using API581 and API530 (Creep and thermal fatigue) procedures for the calculation of Probability and Consequence of Failure.
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Find out more about RiskWISE® or email email@example.com.