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FAQ: What is RISKWISE?

   

What is RISKWISE?

Frequently Asked Questions

Risk-Based Inspection (RBI) and Risk-Based Management (RBM) are integrity management practices that are employed to identify plant and equipment at risk of failure. The uptake of formal RBI and RBM approaches is increasing as the benefits to plant integrity management through improved targeting and scheduling of inspection and maintenance effort are being recognised.

RiskWISE® since its start of development in late 1990s remains as a RBI and Risk-Based Management (RBM) engineering software designed in accordance to industry accepted and proven concepts of RBI and RBM, meeting the concepts detailed in API Recommended Practice (RP) 580 – Risk Based Inspection (RBI) and API RP 581 – Risk Based Inspection Technology. The software enables plant personnel to confidently manage the risk and associated issues for the continued safe and economic operation of their plant and equipment.

The criticality ranking derived through RiskWISE® consequently forms a framework within which inspection and maintenance resources can be allocated to optimally mitigate risk in a safe and cost effective way. The software includes a regularly updated knowledge-base of over 30 relevant damage mechanisms, as well as in-service inspection and non-destructive testing. RiskWISE® uniquely evaluates the change of risk of failure with time for each damage mechanism, which provides an indication of remaining life and is the only rational basis for establishing the maximum period between major inspections and maintenance activities.

RiskWISE® is available in several versions, for application to equipment in 'Process Plants', 'Boilers', 'Pipelines' and 'Tanks'. The risk models, for each equipment-specific version of the software, are based on the best elements of the risk-based management procedures presented in published documents. To demonstrate wide range of RiskWISE® capabilities you could also find few case studies from the following links:

For more information and download of demonstration version (30 days trial) visit the TWI software website.