Risk Analysis Methodologies

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