Understanding Risk Analysis
The quantification of risk within a process can be done through a range of risk analysis methods. These methods may be used in conjunction with each other, beginning with calculation of the frequency of an initiating event to its control via a Safety Instrumented Function. Leveraging our expertise in this field, xSeriCon can meet your risk analysis needs to the highest levels of technical excellence.
Layer Of Protection Analysis can be used to quantify the likelihood of a hazardous event occurring. All credible initiating events, independent protection layers and operating conditions are taken into account.
In order to optimise the cost effectiveness of the Safety Instrumented Functions (SIFs) used to manage hazards within a process, the target SILs must be determined.
xSeriCon is highly experienced in SIL Determination using a range of methods including Layer Of Protection Analysis (LOPA) and Risk Graph.
Fault Tree Analysis (FTA) is a calculation of the expected frequency of an unwanted event that can arise from multiple root causes. Calculations are simple but finding the combinations of root causes and protective measures is often very challenging.
Numerous clients have benefited from xSeriCon’s experience in guiding workshop teams to a valid solution.
Event Tree Analysis can be used to study cases where there are multiple consequences of interest. In these cases risk integrals can be utilised to evaluate the total risk of scenarios with multiple risk outcomes.
In the event that the risk of a hazard falls within the ALARP region of the designated risk matrix, the risk owner must provide justification for acceptance of the residual risk. ALARP justification develops a documented rationale for this risk tolerance, providing valuable input for future risk management activities including Management Of Change (MOC).
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