Life-Cycle Management of Risks with a Hazards Register

Work by CCPS in the late 1990’s led to the 2002
publication of the Business Case for Process Safety, a short pamphlet which
clearly laid out four ways that process safety provided financial benefits to
companies.

Much has happened since that time. Advancements
are represented by breakthroughs in areas such as culture, Risk Based Process
Safety management systems, risk tolerance criteria, LOPA, and metrics.
Nonetheless, major influential accidents continue to occur in oil and gas,
chemical, pharmaceutical, food, and other high hazard industries. Many of these
incidents demonstrated a clear linkage between failures in process safety and
failures in sustainability causing significant impacts to the triple bottom
line: harming people, profitability, and the environment.

It is clear therefore that the need to make the
Business Case for Process Safety has not diminished, and history shows that it
is unlikely to ever do so. As a result, CCPS
committed to both bring the Business Case for Process Safety up to date and to
implement a process by which this key publication can be kept evergreen.

This paper will discuss the new Business Case
for Process Safety. The new version makes the qualitative benefits identified
in the original edition more quantitative, identifies a new benefit related to
leadership excellence, and establishes the link to sustainability.