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Risk

Risk models in Info360 Asset help you determine the likelihood and consequence of failure for your assets, as well as an overall risk score and grade.

Video: Risk Analysis Overview

Info360 Asset risk models can help you to:

  • Accurately analyze risks to predict failure before it occurs and take proactive actions.
  • Monitor current asset condition based on latest inspections.
  • Optimize and justify decisions on cleaning, repair, rehabilitation, and replacement strategies and further inspections.
  • Prioritize assets to focus resources on those that have the highest risk of failure.

When creating risk models, you can leverage data from:

  • Current and historical condition inspections
  • Work tasks
  • Asset attributes
  • GIS spatial layers
  • Custom tables
  • Simulation results (from InfoWorks WS Pro, InfoWorks ICM, or InfoWater Pro)

Structure of risk models

Risk models in Info360 Asset consist of:

  • Likelihood of Failure (LoF) categories. For example, current condition or asset attributes (age, material, etc.).
  • Consequence of Failure (CoF) categories. For example, environmental impact or transportation impact.

Each category is made up of components. For example:

  1. Category
  2. Components

Components and categories are given weightings, depending on their importance in the risk evaluation. The components in a category must add up to 100% and the categories in LoF or CoF must also add up to 100%.

On the Risk Setup tab, you will define the overall weighting of LoF vs CoF for the model.

See Create Risk Model to learn how to set up a risk model.

Results of risk models

Once you have set up and run your risk model you will get results for each asset indicating:

  • The overall risk score
  • The total LoF score
  • The total CoF score
  • The risk grade (ranging from Negligible to Extreme)
  • The Risk Trend from one run to another.

You can also see the individual LoF and CoF component scores by exporting the results or by going to the individual Asset Details page.

See View Risk Results for more information.

You can query all of these results in a rehabilitation decision tree.

Topics in this section
  • Create Risk Model
    You can create one or more risk models, each with a unique configuration and set of results.
  • Set Up Likelihood of Failure (LoF)
    The Likelihood of Failure (LoF) Setup tab is where you can include all of the factors that influence how likely an asset is to fail. For example, the asset's age, material, or current condition.
  • Set Up Consequence of Failure (CoF)
    The Consequence of Failure (CoF) Setup tab is where you can include all the factors that influence the public health, environmental, or economic consequences of the asset failing.
  • Add Risk Categories and Components
    Likelihood of Failure (LoF) and Consequence of Failure (CoF) are made up of categories and components.
  • Complete Risk Setup
    Once you have completed the Likelihood of Failure (LoF) and Consequence of Failure (CoF) setup, you next need to define the overall weighting of these in your risk model and define the risk grades. This is done in the Risk Setup tab.
  • View Risk Results
    Run a risk model calculation from the Risk Setup tab.
  • Risk Calculations
    To help you understand the calculations for each of the risk scores, let's take a look at an example risk model setup.

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