(132a) Applying an Enterprise Risk Management Framework to Process Safety

Muhammad Mushahid R. Qureshi, Ph.D.

Loss Prevention Engineer,

Saudi Aramco C-06, Building No. 3150, (STAR Building), Dhahran, Saudi Arabia 31311

Tel: (+966 13) 872 7565 Muhammad.Qureshi.4@aramco.com

Abstract

Process safety incidents remain a major challenge to all industries involved in the handling, processing, manufacturing, and transport of hazardous materials, such as hydrocarbons. Over the past decade, a number of incidents have led to significant changes in the manner in which major industrial incidents are being perceived and handled. As a result, many organizations have adopted a risk-based approach when managing potential hazards associated with major process safety incidents. Larger organizations benefit from an Enterprise Risk Management (ERM) framework when assessing potential corporate risk. This approach can prove valuable when evaluating risks associated with major process safety incidents at a corporate level. This presentation outlines the six-step ERM approach applied when assessing, analyzing, and recommending treatment actions to bridge potential gaps related to major process safety risks. This approach also takes into account the development and utilization of performance metrics — used for monitoring risk at a corporate level — on an ongoing basis.