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Step 1: Identification of the Hazard
Hazard Identification is a critical step in Risk Analysis. Many aids are available, including experience, engineering codes, checklists, detailed process knowledge, equipment failure experience, hazard index techniques, What-if Analysis, Hazard and Operability (HAZOP) Studies, Failure Mode and Effects Analysis (FMEA), and Preliminary Hazard Analysis (PHA). In this phase all potential incidents are identified and tabulated. Site visit and study of operations and documents like drawings, process write-up etc are used for hazard identification.
Step 2: Assessment of the Risk
Consequence Estimation is the methodology used to determine the potential for damage or injury from specific incidents. A single incident can have many distinct incident outcomes. Likelihood assessment is the methodology used to estimate the frequency or probability of occurrence of an incident. Estimates may be obtained from historical incident data on failure frequencies or from failure sequence models, such as fault trees and event trees. Risks arising from the hazards are evaluated for its tolerability to personnel, the facility and the environment. The acceptability of the estimated risk must then be judged based upon criteria appropriate to the particular situation.
Step 3: Elimination or Reduction of the Risk
This involves identifying opportunities to reduce the likelihood and/or consequence of an accident Where deemed to be necessary. Risk Assessment combines the consequences and likelihood of all incident outcomes from all selected incidents to provide a measure of risk. The risk of all selected incidents are individually estimated and summed to give an overall measure of risk. Risk-reduction measures include those to prevent incidents (i.e. reduce the likelihood of occurrence) to control incidents (i.e. limit the extent and duration of a hazardous event) and to mitigate the effects (i.e. reduce the consequences). Preventive measures, such as using inherently safer designs and ensuring asset integrity, should be used wherever practicable. In many cases, the measures to control and mitigate hazards and risks are simple and obvious and involve modifications to conform to standard practice.
