Risk is comprised of scenarios, frequency and consequence. Analysis of these elements is an integral part of a comprehensive risk assessment. Risk identification and assessment are typically the first step in any risk management process and crucial to optimizing an overall risk strategy.
Scenario, frequency and consequence analyses are used to identify the frequencies and potential consequences of potential event sequences at your facilities, generate recommendations to reduce or control these risks and examine the benefits of implementing such recommendations.
- Scenario Analysis: Failure modes and effects analysis (FMEA), fault tree analysis, event tree analysis (or other logic modeling techniques such as reliability block diagram analysis) are used to identify potential system failures and accident sequences, as well as their possible causes.
- Frequency Analysis: To help you make risk-informed decisions, we combine your company's plant-specific experience and industry data on event frequency using the appropriate data analysis methods.
- Consequence Analysis: Consequence analysis techniques are used to model release rates, quantities and dispersion of released materials associated with fires, explosions and other facility-specific hazards and estimate the potential impact of these events on employees, the public, facility property, neighboring facilities and the environment. Typical results include identification of the areas potentially affected by these events, as well as estimates of casualties, economic losses and environmental impacts.
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