What is wrong with your PM Program?

I know this may shock many of you but most companies PM programs are not tied to specific Failure Modes, even their Lubrication Programs are not. I know most of you find this shocking but how does this happen when we know Preventive Maintenance is to Prevent Failure or Identify a Potential Failure.

Failure Modes is what we are looking to prevent or identify early enough so we can plan and schedule the work. The only change to this are PMs tied to regulatory requirements.

I use this analogy "if you are performing PM on equipment that continues to fail you have a problem" (unless your maintenance strategy is Run to Failure).

Have you noticed this to be an issue?