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Quantified Risk Assessment

Business Challenge

Businesses constructing or managing industrial plants and facilities have an obligation to comply with risk criteria established by local licensing authorities. Measures must be taken to protect the health and safety of plant workers, the surrounding community, the environment and the plant itself. For regulatory purposes, it is critical for clients to conduct Quantified Risk Assessments to help identify, assess, and rank the severity of potential hazards occurring in their industrial plants and facilities.


 

Solution

What is Quantified Risk Assessment (QRA)?
Quantified Risk Assessment (QRA) is a structured approach to identifying and understanding the risks associated with hazardous activities such as the operation of an industrial plant. Initial assessments are conducted by taking inventory of potential hazards, identifying their likelihood of occurrence, and determining their consequences. Quantified risks are then assessed by comparison against defined criteria.

A Quantified Risk Assessment provides valuable insights into the features of industrial plants and facilities, highlighting those aspects where failures may result in harm to operators, members of the public, the environment and/or the asset itself. QRA provides a basis for decision-making in the design and operation of the plant, and may also be required to legally show its “fitness to operate”.


What are the key benefits?

A Quantified Risk Assessment provides input on safety issues during the design, operation and regulation of hazardous activities. In addition, QRA provides a rational basis for monitoring risks and providing specific decision-making guidance:

  • Act as decision aide regarding whether the risks need to be reduced.
  • Propose targets for risk reduction measures.
  • Design basis for fire and blast protection as well as emergency planning and training.
  • Aid in the selection of the most appropriate design concept.
  • Find the most cost-effective ways to reduce risk.
  • Assist with As Low As Reasonably Practicable (ALARP) demonstrations.
  • Identify safety-critical procedures and equipment.


Why Choose Bureau Veritas?

Bureau Veritas’ worldwide network of offices allows for access to advanced technologies via technical centers, helping to identify problems and develop appropriate solutions. We offer our clients data-intensive analysis to ensure that all studies are delivered using consistent data and assumptions via intranet.

 

FAQ - Frequently Asked Questions

  • Why the need for ALARP?

    • Many regulatory authorities require that risks should be within acceptable limits, in other words, “As Low As Reasonably Practicable” (ALARP). To demonstrate that an identified risk is ALARP, one must show that enough effort has been put forth to reduce that risk.
    • In cases where the risks have been well-defined, it is sufficient to show that recognized “good practices” have been implemented. However, in more complex situations, i.e., where technology is new, one should present all the reasonably practicable risk reduction measures identified and validate that all other measures that could have been implemented were shown to be unjustified.

  • What risk criteria should I use?

    • Risk criteria may be defined by national regulations, corporate guidance and well-established industry standards. Bureau Veritas can help clients select existing criteria particular to their situations. In cases where criteria are not already defined, Bureau Veritas can provide assistance to develop appropriate risk criteria.

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