The World Economic Forum estimates digitalization could unlock up to $2.5 trillion of societal and industry value between 2016 and 2025. The potential for Digital Transformation in asset-intensive industries such as oil and gas and marine is tremendous. The World Economic Forum estimates digitalization could unlock up to $2.5 trillion of societal and industry value between 2016 and 2025. Digital transformation takes the form of optimizing the productivity of assets, effectively managing risk, and disrupting traditional supplier, owner/operator, and customer relationships in a new digitally-enabled ecosystem. This report examines the relationship between risk and asset performance and its ramifications beyond asset reliability to provide a new perspective on why a comprehensive approach to risk management is needed. This report also provides actionable recommendations for effectively implementing changes to people, process, and technology.