Quantitative / probabilistic risk assessment
The systematic identification and evaluation of the likely consequences and expected frequency of hazardous events is a major input to the risk management decision-making process. QRA/PSA is usually justified where there is a major personnel or environmental hazard potential, or significant economic implications, or a variety of risk trade-off decisions that need to be made.
Risktec is a specialist in quantifying risk, from quick, coarse studies to detailed assessments. Many of our professionals have design, operations and management backgrounds, and this experience is used to look beyond the final numbers to interpret the results, communicate the implications to senior management, and provide real and practical recommendations for improvement.
Our services include:
- Data selection and rule set development
- Consequence analysis to model physical effects of releases of hazardous substances
- Frequency analysis using fault and event trees
- Risk evaluation (QRA/PSA) to predict levels of safety and economic risk
- Cost-benefit analysis (CBA) to derive an optimal strategy for expenditure using financial and risk criteria
- Sensitivity and uncertainty analyses to provide a greater understanding of risk and enable better informed risk-based decisions
- Facility siting and occupied building risk assessment
- Development of bespoke risk software to meet clients’ specific requirements
- Training courses
We use a range of in-house developed tools as well as commercially available software to complete all aspects of QRA and PSA (levels 1, 2 and 3). We make all native files available to the client.
“Our approach to QRA focuses on its practical benefit for effective management of operational and business risk.”