Non-Traditional Actuarial Consulting - Reliability Analysis

Risk Lighthouse purifies and analyzes datasets from non-financial firms. We then develop predictive models that help these institutions improve operational efficiency or reduce costs. In the field of reliability analysis, we have analyzed mean times to failures in both classic distribution and non-parametric frameworks to create value-enhancing predictive models. Current clients include the U.S. government and the applied research arms of universities. We seek to add value to our clients by helping them to

 

  • Assess the effect of product reliability on the maintenance activity and on the quantity of spare units required for acceptable field performance of any particular system. For example, predictions of the frequency of unit level maintenance actions can be obtained.
  • Provide necessary input to unit and system-level Life cycle cost analyses. Life cycle cost studies determine the cost of a product over its entire life. Therefore, how often a unit will have to be replaced needs to be known. Inputs to this process include unit and system failure rates. This includes how often units and systems fail during the first year of operation as well as in later years.
  • Set achievable in-service performance standards.

 

 

Operational Risk Management Consulting


We provide consulting in the design of risk governance processes, development of operational risk scenario analysis processes, integration of operational risk management frameworks into enterprise risk management programs as well as the development of operational risk management policies, related risk appetites, key risk indicators and dashboard reporting.

We are an authorized STREAM GRC software consultant. 

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