There are many types of quantitative risk assessment methods available. Here are some of the most used methods: Probabilistic risk assessment Risk-based models Event tree analysis Fault tree analysis Scenario-based analysis Vulnerability assessment Frequency number (FN) curvesContinue Reading

Qualitative risk assessment uses matrices and hazard identification techniques featuring guidewords while Quantitative Risk Assessment (QRA) is based on detailed consequence modelling and frequency analysis.Continue Reading

QRA is a formal and methodical method to estimate the likelihood and consequence of potential hazards that could lead to major accidents. The output from this assessment is expressed quantitatively as a risk to personnel/human, environment, or financial loss. Critical assumptions and risk driving elements are also identified to asses the robustness and validity of...Continue Reading

A statement that clearly describe the risk, causes, potential triggers and consequences.Continue Reading

Every time there is changes to design resulting in new hazards or change in the existing risk assessment outcome.Continue Reading

Avoiding hazards that could lead to a catastrophic event Help to build awareness of risk within the organisation Improved operational efficiency Helps companies to identify risk upfront hence minimise their losses at critical times Maximised the safety and security within the workplace for employees and client Business process improvementContinue Reading

Risks with similar attributes such as hazards, initiating events, consequences, etc. can be grouped, for example, hydrocarbon risk, transportation risk, occupational risk and etc.Continue Reading

Risk Management Tools include Hazard Identification (HAZID), Hazard and Operability Study (HAZOP), Consequence Modelling, Quantitative Risk Assessment (QRA), Layers of Protection Analysis (LOPA), Safety Integrity Level (SIL) Analysis, Failure Mode and Effects Analysis (FMEA) and societal risk (FN Curves).Continue Reading

Risk is dependent on both the severity and likelihood of a hazard. The severity and likelihood of an event can be determined by risk assessment methods such as QRA.Continue Reading

A risk assessment plan can be conducted by identifying the risks, assessing the risk, minimising/ eliminating the risks and assigning responsibilities to specific parties.Continue Reading