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Aging infrastructures have become a challenge for many utilities in North America, which increases the complexity of operation, maintenance and replacement decisions. For managing asset fleets with aging equipment, utilities have developed many risk-based approaches to identify high-risk assets, in order to ensure cost-effective maintenance decisions under budget constraints. This paper presents a multiperspective risk analysis approach to assist asset owners in identifying high risk assets within asset fleets. Comprehensive evaluation of equipment performance, operation and maintenance (O&M) cost and equipment criticality risk indicators are presented. Case studies of risk analysis for circuit breakers of two substations are presented. The approach developed enhances the traditional risk diagram with multiperspective risk indicators that can be integrated into utility asset management practices.