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As the examination of risks presented by potentially hazardous facilities has advanced, so has the concept of what constitutes an acceptable risk. The phrase “acceptable risk” is widely used in literature. However, it is a somewhat misleading phrase, and it is more meaningful to talk about “risk tolerability.”

Individuals may “accept” risk of an activity on a voluntary basis if they deem it is low enough and if they derive a benefit from it. For example, driving an automobile poses a small risk, but most people are willing to “accept” that risk. However, when a risk from an activity is imposed on an individual on an involuntary basis, and there are no perceived benefits that the individual gets from the activity, then no risk is truly “acceptable”, no matter how small.

A comprehensive risk management program must address both individual and societal risk.

Read this newsletter for a comparison of two methods for evaluating risk tolerability criteria. Topics include:

• Principle-Based Qualitative Approach
• Checklist Qualitative Approach
• Pros and Cons of the Qualitative Approach
• Quantitative Approach
• Pros and Cons of the Quantitative Approach

Although both approaches have certain advantages and disadvantages, the quantitative approach contains the characteristics that lead to a sound and long-term risk management program.

Bonus!
This newsletter also includes access to a 5-minute Safety Moment on some common hazards at chemical facilities, why these hazards can sometimes be hidden, and how to protect your employees and facilities. Included in this video are 3 actions you can take to manage hidden hazards.

Have a great and safe day.

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