Risk Management

The evaluation of the overall risks of a facility or an activity is carried out by adding up the risks identified during the different Hazard and Risk Assessment using a Quantitative Risk Assessment (QRA) methodology.

The calculated risks are compared to relevant Risk criteria, established by local licensing authorities, national regulations, corporate guidance or well-established industry standards, in order to determine whether risks need to be reduced to a level As Low As Reasonably Practicable (ALARP).

Understanding of risks provided by QRA conclusions is used to develop appropriate and cost-effective measures in terms of plant layout, safety design or any other risk reduction measures.

Traditional risk reduction measures include Safety Instrumented Function (SIF) and Safety and Environment Critical Element (SECE) which are identified and whose performance standards are defined by means of specific studies.

For more information on these studies, click on the corresponding link below.