Tetra Tech’s asset management team performed Risk Velocity Modelling work to help Ancala Water Services’manage strategic fuel depot assets on behalf of the Ministry of Defence.
Early discussions revealed that in order to address Ancala’s objectives, this project would require Reliability Engineering reviews of its systems and sub-systems to address the objectives. These reviews look at the availability and ability of equipment, systems, and components to function as intended over a specific period of time.
With Ancala responsible for the continued safe operation of hundreds of systems and sub-systems across their, this meant massive timescale and budget constraints, leading our team to apply the specialist technique of Risk Velocity Modelling. This helped identify the speed at which a risk presents, as well as its impact, enbabling our client to prioritise their efforts in reviewing systems.
Through consistent engagement with Ancala, we enacted the following process:
- Stage 1: We identified systems Ancala was responsible for, followed by functional assessment to identify critical systems/sub-systems/assets for providing services. These were grouped into 53 sub-groups, enabling manageable prioritisation.
- Stage 2: We created a list of consequential risks facing Ancala, including contractual requirements, contract and statutory penalties, reputational risk, economic loss, etc.
- Stage 3: For each system, we prepared a Velocity Schedule of key risks, detailing how fast each risk could manifest itself and affect Ancala.
- Stage 4: With scores identified for impact, velocity, and likelihood, we finally ranked the systems to gauge the level of risk Ancala was ultimately exposed to.
Peter Howell, Ancala Water Services Strategic Asset Planner, said: “We are extremely satisfied with the professional and experienced team that helped deliver this work. The staff involved were experienced, approachable, helpful and driven to achieve common goals.”
We are proud to have presented Ancala with outcomes of the Risk Velocity Review in the form a matrix that ultimately gave them a robust and sound base of evidence to inform their decision-making.