November 11, 2021
5 Min read
Client: CEATI International & Utility Working Group
Year of Completion: June 2020
As risk methodologies are increasingly applied to managing electrical assets, transmission operators needed their own specialized framework that would allow for the accurate quantification of risk, taking into account the specialized challenges and low probability/high impact events that are uniquely applicable to overhead transmission infrastructure. Recognizing that there were no easily accessible guidelines or standards that utilities could access to implement risk management practices, CEATI wanted to develop an easy-to-understand framework that aligned to best industry practices and standards.
The CEATI Risk Management Practices for Transmission Lines (T193700 #3281) initiative was designed to provide transmission utilities with a strong foundation for developing their own risk management framework, leveraging best industry practices and accepted standards, including the ISO 31000 risk management standard. The initiative provides in-depth details on how the key building blocks for risk management can be established, including risk identification, risk analysis, risk evaluation and continued control and management of risks across the organization.
By prioritizing the replacement of assets based upon risk as opposed to age alone, utilities can reduce their total operating costs by up to 15% while replacing half as many assets within their system, by targeting the highest risk assets at the right time, thereby creating a far more cost-efficient investment program that yields greater benefits for utilities.