Risk Management

PROCESS SAFETY & RISK MANAGEMENT

We provide process safety and risk management services for various economic activities, with emphasis in those involving Dangerous Goods. We develop all elements of the Process Safety Management Standard and analyze all stages of the Risk Management System. Following the PDCA procedure (Plan, Do, Check, Act), we ensure successful implementation through an easy and simplified approach.

Plan Do Check Act

Plan

Commitment and Mandate

• Policy statement
• Risk management and assurance plans
• Standards, procedures/ guidelines

Do

Communicate and train

• Communications and reporting plan
• Training strategy
• Risk management network

Check

Organise and Allocate

• Board and Executive risk management committees
• Risk management manager and champions
• Risk, control, risk owners, assurance providers

Act

Measure and review

• Control assurance and risk management plan progress
• Governance reporting and benchmarking
• Performance criteria

Process Safety Management Standard

The successful development and implementation of the process safety management standard depends on the quality of its individual and interrelated elements.

Our major effort is focused on adjusting each individual element to the company’s needs and afterwards integrating them in an efficient and flexible way.

Risk Management System

We develop and implement risk management systems (according to ISO 31000:2009, EN 31010:2010, ISO Guide 73:2009),  for the petrochemical and chemical industry, as well as for dangerous goods transportation activities. Our fields of expertise include risk identification, analysis, evaluation and treatment.

Risk is
the effect
of uncertainty
on objectives

Risk Analysis

We conduct detailed probability and frequency analysis based on statistical data and forecasting, while we use benchmarking techniques for validating our assumptions. Furthermore, we use simulation modelling for the estimation of injury factors (overpressure, toxic and thermal dose) and we calculate potential losses through probit equations. The final risk estimates include Individual Risk and Societal Risk.

Individual Risk Societal Risk

Individual Risk

Societal Risk

Risk Evaluation

The evaluation of the risk estimates is performed by comparing risk outcomes in terms of individual and societal risk, to certain acceptance criteria. Generally, a value less than one in a million for the Individual Risk is accepted, while three areas exist for the Societal Risk including ideal, ALARP and intolerable regions.

• Intolerable levels of risk: adverse risks are intolerable whatever the benefits and risk mitigation measures are essentials at any cost if activity is to continue
• As Low As Reasonably Practicable:A level of risk that is tolerable and cannot be reduced further without expenditure of costs disproportionate to the benefit gained or where the solution is impractical to implement.
• Ideal levels of risk: risk are negligible, or so small that they can be managed by routine procedures and no additional risk treatment measures are needed.

Risk Treatment

During the risk treatment stage, we select the most appropriate risk treatment options, by balancing the costs and efforts of implementation against the benefits derived, with regard to legal, regulatory and other requirements, such as social responsibility and the protection of natural environment. We understand that risk treatment itself can introduce risks due to the failure or ineffectiveness of the proposed measures. Therefore, it is essential to include monitoring in the risk treatment plan, in order to provide assurance that the measures remain effective.

Avoid

Avoiding the risk by deciding not to start or continue with the activity that gives rise to the risk. Removing the risk source.

Mitigate

Changing the likelihood. Changing the consequences (impact).

Transfer

Sharing the risk with another party or parties (including contracts and risk financing).

Accept

Retaining the risk by informed decision. Taking or increasing the risk in order to pursue an opportunity.