Risk Analysis Methodologies are a process for identifying and analysing undesirable events or results of a process, and determining whether the risks are acceptable. If risks are unacceptable, the process may include recommendations and assessments of risk control measures.

The process may include the following steps:

• Description of activity or process
• Hazard identification
• Accident and Incident Scenario generation
• Frequency estimation
• Consequence estimation
• Risk evaluation

Further steps may include the generation of risk control measures, and a repeat of the steps to evaluate the new risk resulting from implementation of the risk control measures.

Examples of the methodologies we use are:

• Hazard and Operability (HAZOP)
• Preliminary Hazard Analysis (PHA)
• Failure Mode and Effects Analysis (FMEA/FMECA)
• Event trees
• Cause-Consequence Analysis
• Fault tree analysis
• Bayesian network analysis