Towards a Genuine Convergence of Process safety and Asset Management: An Integrative Framework with Composite Metrics

This study examines the conceptual foundations, methodological approach, comparative analysis, and integration strategy of Asset Management (AM) and Risk-Based Process Safety Management (PSM). Asset Management, as defined by ISO 55000:2024, is the coordinated organizational activity aimed at deriving value from assets through balancing cost, risk, opportunity, and performance. It represents a managerial and cultural shift that extends beyond technical asset control to influence strategic decision-making and organizational objectives. In parallel, Risk-Based Process Safety, as structured by the CCPS, provides a formal and systematic framework to prevent major industrial accidents through proportional risk management, structured governance, and continuous improvement organized into four interdependent pillars. The research adopts a comparative methodological approach, combining documentary analysis with structured analytical mapping of normative frameworks, enabling systematic identification of similarities and differences between AM and PSM. The analysis demonstrates that both systems share core elements, including risk-based thinking, life-cycle orientation, governance structures, performance monitoring, and competence development. Mechanical integrity emerges as a key intersection point, treated explicitly within PSM and implicitly within ISO-based asset management standards. Despite these similarities, the systems differ in primary purpose and scope: PSM focuses on preventing high-consequence events and protecting people and the environment, whereas AM emphasizes sustainable value creation and economic optimization. The study proposes an integrated implementation strategy involving strategic alignment, harmonized requirements, unified governance, integrated critical processes, consolidated performance indicators, capability development, and joint continuous improvement. The findings conclude that structured integration enhances organizational robustness, strengthens asset reliability, reduces systemic risk, and supports sustainable operational, economic, and environmental performance in complex industrial environments.

Keywords: Process safety, asset management, ISO 55001, ISO 31000.