Standards Development

Scope

This document specifies requirements, recommendations, and examples for implementing a Risk-Informed Decision-Making (RIDM) process for managing network assets in power systems. The intended audience concerns power network organizations' stakeholders and decision-makers, such as asset managers, risk managers, regulators, asset owners, and service providers. The RIDM process details the steps to ensure transparency, consistency, and traceability of the decision by:

–        specifying the risk decision-making context depending on asset management objectives, available knowledge, and risk stakeholders' concerns;

–        identifying the appropriate risk management strategies and the knowledge supporting the analyses;

–        Detailing the essential steps for conducting a quantitative risk analysis and justifying investments, regardless of the calculation methods used;

–        providing essential information and warnings to decision-makers;

–        implementing performance evaluation and continuous improvement.

The document is based on the asset management principles from ISO 55000:2024 and aligned with ISO 55001:2024 [1]. Compliance with the requirements of this document is independent of compliance with ISO 55001:2024 [1].