Quantified Risk Assessment Pdf

Quantified Risk Assessment

A Powerful Decision Tool for Risk Management

Business Challenge

Companies building or managing an industrial plant must comply with risk criteria established by local licensing authorities. 

Risks must be identified in order to protect plant workers, the people in the surrounding area, the environment and the plant itself. This requires a Quantified Risk Assessment to demonstrate that risk levels are within the defined criteria and are tolerable.

What is Quantified Risk Assessment?

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

The assessment starts by taking inventory of potential hazards, their likelihood, and consequences. The quantified risks are then assessed by comparison against defined criteria

Quantified Risk Assessment provides valuable insights into the features of the industrial plant, 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 “fitness to operate”.

Why Choose Bureau Veritas?

Global Network

With a worldwide network of offices, Bureau Veritas can provide QRA across the globe. 

Technical Centers

Bureau Veritas engineers have access to advanced technology via technical centers, which enables them to analyze problem situations and develop appropriate solutions. 

Sophisticated Software

QRA is data-intensive and Bureau Veritas incorporates data from its own intranet to ensure that all studies are delivered using consistent data and assumptions. QRA uses advanced technical methods for analysis and Bureau Veritas’ QRA specialists are trained to use analysis software tools when needed.

FAQ - Frequently Asked Questions

  • What is ALARP?

    Many regulatory authorities require that risks should be within acceptable limits and As Low As Reasonably Practicable (ALARP)

    To demonstrate that risks are ALARP, one must show that enough has been done to reduce risks. In cases where the risks are well-defined, it is sufficient to show that recognized “good practices” have been implemented. In more complex situations, i.e., where the technology is new, to demonstrate risks are ALARP, one should show that all reasonably practicable risk reduction measures have been implemented, and that all other measures that could be implemented are 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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