One company's approach on Relative Ranking of Portfolio of Process Safety Risk

At Air Products, we have been managing our portfolio of process safety risk for many years. We have dual risk management mandate: Continually reduce our existing portfolio of risks and Manage new risks to levels that lower our portfolio risk. On an annual basis, we review the process safety risk portfolio, as a whole, with our senior executives, including the board of directors to address this dual mandate. Recently, to better prioritize the risk management effort, the senior executive requested if they can see a relative ranking of risks in the portfolio. We evaluated three different approaches, two internally developed, and one available externally, to develop a relative ranking of this portfolio. This paper will describe these approaches, and review in detail the finalized internally developed approach [Cumulative Fatality Rate] we applied that provided a better view on where each risk stood in comparison to others, and where we should focus our risk improvement effort.