WG 4 - TC 123/WG 4

IEC 63223-2:2026 specifies requirements, recommendations, and examples for implementing a risk-informed decision-making (RIDM) process for managing existing 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 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 is aligned with ISO 55001:2024. Compliance with the requirements of this document is independent of compliance with ISO 55001:2024.