How to Build or improve a FIMP?
Although there is industry guidance, every operator will need to define, implement and mature their FIMP based on the needs and objectives of their company. The following are some high-level realizations I and my team had while building a FIMP.
- Recognize that a FIMP based on PSMS concepts is scalable and iterative.
- Leverage the iterative process, by starting small and simple and add complexity over time where it provides maximum value.
- Think strategically, have long term objectives in addition to short and medium-term efforts.
- Upper leadership commitment is critical. As a FIMP matures, upper/executive leadership understanding of facility risk should proportionally mature.
- A FIMP can be very powerful to build alignment with peer stakeholders, both internal and external, towards common objectives.
- Quality FIMP documentation of your process, critical meetings and commitments provides transparency, review them consistently to ensure accountability.
- Leverage strategic objectives to ensure focus on top risk reduction efforts.
- Knowing asset health is critical. Where asset data is weak, make that an improvement area in your FIMP.
- Shared accountability across departments for asset risk can be tricky.
- A FIMP which feeds a rate case can be very effective in recovery of requested funds.