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Operational risk examples

These are risks that are associated with operations and relate primarily to operational unreliability as a result of an unplanned event.
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Operations management (OM) is the administration of business practices to create the highest level of efficiency possible within an organization. It is concerned with converting materials and labour into goods and services as efficiently as possible to maximize the profit of an organization. Safety is not a part of operations management but is a central...
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Operations can improve the safety aspects by evaluating the design, safe operating limits (alarms and trips etc.), and performing essential studies such as SIL to evaluate the reliability of critical equipment in place to mitigate a hazardous event.
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An operational hazard is any condition, action, or set of circumstances that have the potential to compromise the safety, financial, and social performance of the facility. The risk is segregated into five categories: people, process, systems, external events, and legal and compliance.
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Absence of unreasonable risk under the occurrence of hazards resulting from functional insufficiencies of the intended functionality, operational disturbances or by reasonably foreseeable misuse/errors.
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Alarm safety has helped the oil and gas industry to resolve their maintenance outages and help operators quickly assess the situation to get plant operations back in business. It also avoids the distraction of non-essential data and guides workers to better process visibility, better decision making and improved safety.
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To allow effective operator management of process upsets by annunciating critical alarms in a timely manner that an operator may react to in order to avoid escalation of the event.
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Process alarms are generated when preset parameter levels for real or derived process variables are exceeded.
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A system to notify the operators to take action at the appropriate time to avoid undesired consequences.
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Alarm safety has helped the oil and gas industry to resolve their maintenance outages and help operators quickly assess the situation to get plant operations back in business. It also avoids the distraction of non-essential data and guides workers to better process visibility, better decision making and improved safety.
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