Risk-Based Approach – Risk Reduction Basics

This manuscript is intended to provide an overview of layers of protection capable of reducing the risk level of a given process facility, i.e., measures intended to prevent and/or mitigate the identified hazardous scenarios. Based on the development and results of a risk-based quantitative assessment, regions, zones, or more detailed locations (e.g., occupied buildings, critical process equipment) with an intolerable risk level can be identified and the associated hazardous scenarios that most contribute to the risk of these zones. Sensitivity analysis and cost-benefit analysis can be conducted with the goal to find which safeguards achieve reducing risk to an acceptable level while ensuring that the investment is not in gross disproportion.

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