TABLE OF CONTENTS Risk Model - A framework of processes and activities concerned with identification and management of the system risks, arranged in a sequence of overlapping stages, and which acts as a common reference for communication and understanding.
Adapted from ISO/IEC 15288: 2002
The concept of risk and the various categories of risk have been described in Chapter 1. The subject of risk management is very large. Process risk management, while forming a subset of the overall topic, is in itself vast. It integrates scientific, engineering, behavioural and general management functions into a single framework, focusing on identification, assessment, treatment and control of risk.
Most people take a narrow view of process risk management, within the constraints of their area of specialization, or area of responsibility. From an organisation's perspective, it is not only necessary to take the broader view, but ensure that all the different organisational functions (production, engineering, procurement, product storage and distribution) gain an appreciation of the broad picture, and an in-depth understanding of risks in their respective areas.
In the traditional view, risk management is viewed as part of general project management or a production management function. In recent years, it has been recognised that risk affects every stage of a process facility life cycle, and therefore managing risks should become an integral part of the overall management system.
Many system models have been developed for process risk management. The basic components of them are similar, namely identification of hazards, assessment of risk, and development of control...
