Hazard Identification and Risk Analysis: What Can Go Wrong?

Hazard Identification and Risk Analysis is an encompassing term for activities involved in identifying hazards and evaluating their risk at a facility. Risk to employees, the public, and the environment all need to be controlled within a stakeholder’s acceptable risk tolerance. A study to evaluate the risk encompasses the following three areas 1) Hazard—What can go wrong? 2) Consequence—How bad can it be? and 3) Likelihood—How often will it happen? To manage risk, a quantitative or qualitative risk analysis identifies the potential risks which are then evaluated and compared against risk criteria to determine tolerability. This presentation will cover common methods for performing Hazard Identification, Consequence Analysis, Likelihood Determination, and the resulting Risk Assignment. Pros and cons of the various techniques will be discussed, with examples of case studies (including LNG liquefaction plants and transportation projects) where the various techniques may be suitable.