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Many asset-intensive organizations implement risk management strategies to mitigate potential hazards associated with physical asset failures, such as infrastructure deterioration or mechanical breakdown. As these physical assets' risks can be treated with maintenance activities, properly evaluating the performance of maintenance management is of interest for risk management. Accordingly, this paper proposes a framework for the determination of Maintenance Performance Indicators (MPIs) to support the risk management of physical assets. The proposed framework included four main processes: Integrate performance evaluation guidelines, Review the maintenance management strategy, Define the performance indicators, and Assess maintenance across the MPIs. The ISO 55000 series for asset management and the Balanced Scorecard (BSC) approach were the guidelines considered. The ISO 55001 standard provides three assessment domains for performance evaluation: asset portfolio, asset management, and asset management system. The BSC approach identifies four performance evaluation perspectives that were integrated to address the requirements of one of these asset management domains. Then, the MPIs were defined for each of the performance evaluation domains in line with the maintenance management strategy toward the risk management of physical assets. Through a case study, the proposed framework was demonstrated considering the operational context of a Brazilian hydroelectric power plant. As a result, the proposed framework was shown to be consistent in systematically determining the MPIs that support risk management in organizations. [ABSTRACT FROM AUTHOR]

Proper maintenance planning is critical for maintenance management to contribute to increasing availability, ensuring quality requirements, and controlling the safety and environmental risks associated with physical assets. As supporting tools for developing maintenance strategies, Reliability-Centered Maintenance (RCM) and Risk-Based Maintenance (RBM) methods are currently used in several organizations. Nevertheless, these strategies are often approached separately although they are complementary. In this context, this paper proposes a novel method that effectively integrates RCM and RBM by adapting the traditional RCM method to incorporate risk management into maintenance planning decision-making to support maintenance management. The proposed Reliability and Risk Centered Maintenance (RRCM) method allows organizations to determine maintenance plans that ensure the reliability of the physical assets while considering and prioritizing the risks associated with their potential functional failures. The proposed method was demonstrated through a case study considering the operational context of a hydroelectric power plant. The results show the ability of RRCM to assist in the development and implementation of maintenance plans oriented to reliability, risk, and cost. [ABSTRACT FROM AUTHOR]