Risk-Based Approach – Risk Evaluation

The risk evaluation of a hazardous facility entails the calculation and quantification of the risk based on the Loss of Containment (LOC) scenarios identified in the Hazard Identification step as a function of the likelihood of occurrence (i.e., Frequency Analysis) and the associated impacts (i.e., Consequence Analysis). When conducting a risk-based quantitative assessment, several pieces of data need to be accounted for in order to ensure the completeness of the study: (1) infrastructures and associated population; (2) process equipment; and (3) ignition sources.

Once the required data is correctly defined, the risk evaluation allows the development of several tools: (1) Individual Risk Contours (IRC), (2) Hazard Risk Contours determined at several thresholds due to explosions, fires and hazardous dispersions, (3) Individual and Societal Risk Indices; (4) FN Curves and (5) Exceedance Curves (EC) Approach.

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