Assessing and Managing Risks Linked to Emerging Technologies

This paper explores industrial asset management, proposing an integrated decision-making framework to evaluate performance amidst emerging technology risks. The framework integrates the Functional Resonance Analysis Method (FRAM) for understanding system functions and the System-Theoretic Process Analysis (STPA) for hazard assessment. This combination aims to offer robust decision support for effectively managing industrial assets. To validate the efficacy of the framework, a case study will be conducted using the LineDrone, an advanced Unmanned Aerial Vehicle (UAV) designed by Hydro-Quebec and manufactured by DroneVolt, to validate the efficacy of the framework. The LineDrone, designed for inspecting high-voltage transmission lines without direct human interaction, will help demonstrate the practical value and effectiveness of the framework in assessing and managing performance variability in complex sociotechnical contexts.