An Approach at Risk Based Prioritization for Capital Projects

Jennifer Brittain; Principal Process Safety Engineer, AdvanSix

This paper will provide an approach that is currently being used with our company to provide a risk-based prioritization for our capital projects which address Process Safety and HSE related risks.

We have attempted to utilize our advanced semi-quantitative PHA technique and a simplified Bow Tie technique to provide our senior leadership with a prioritized visualization. The PHA helps provide the high-risk scenarios that require additional recommendations, typically capital intensive in nature, that require further risk reduction. These scenarios are then further evaluated, and a simplified Bow Tie is generated for the scenarios.

The visualization is utilized throughout the capital project process, beginning with scope development followed by a detailed process package and ultimately leading to the request for capital funding to support implementation of the project. The continuity of identified process related risks is one of the benefits to this prioritized approach.

This technique has been widely accepted throughout our organization and has allowed our leaders an opportunity to simply recognize high risk projects, track performance of any at risk milestones, while also minimizing the time spent each year in the planning process to ensure PSM and HSE risks are included in the Capital process.