Steadily lower tolerance for incidents
Although a zero risk process facility is not an option, we are seeing steadily lower tolerance for incidents and failure to manage risk. With inherently safer best-practice design principles in place, residual risk is minimized. Still, a level of risk remains and must be managed. By calculating the likelihood and consequence of undesirable events, the process industry can establish risk profiles of their facilities and focus efforts on strengthening the barriers in place to manage those risks. By simulating accidental events and analysing their impact, the process industry can understand and visualize the source of the risk and its effects on people, property and the environment.
Traditionally, the purpose of conducting a risk analysis has been to comply with regulatory requirements. This paradigm has evolved into risk-based design and risk-based operations. Quantification of risk forms a valuable basis on which to help determine where to focus avoidance, prevention and mitigation measures, given finite resources. DNV’s risk analysis tools have been adopted globally in the oil and gas, petrochemicals, chemicals, pharmaceutical, insurance, steel and other industries for the purpose of understanding and therefore managing risk.