All phases during the development of a risk-based quantitative assessment are important. However, hazard identification is a key step; a discipline that “establishes the game rules” and can be considered as the foundation for risk management; i.e., if a hazardous scenario is ignored, it will not be evaluated, directly affecting risk estimation results for realistic decision-making. The present paper provides guidance and criteria for maximizing the identification of both generic and specific Loss of Containment scenarios (LOCs) with potential contribution to the risk level of a given facility. The software tool Process Safety Office® PHAGlobal® helps by maximizing the identification of hazardous scenarios while minimizing efforts, time, and subjectivity. Managing industrial risks requires the systematic application of management policies, procedures, and practices to analyzing, assessing, and controlling risks in order to protect employees, the general public, the environment, and company assets. Several management activities should be addressed for risk analysis, the process of gathering data and synthesizing information in order to develop an understanding of the risk of a particular facility. Chemical process facilities have many possible applications for risk analysis, but actual interests are focused on knowing how to allocate resources to minimize the chance of a catastrophic accident by assessing the risk of episodic events. With the understanding gained from such risk analyses, it is possible to evaluate and select among different risk management options.
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