Systematic Risk Management Techniques and Safe Work Methods: HIRA, SWMS, HAZOP, ETA & FTA and QRA

Risk management is the identification, assessment, and prioritization of risks followed by the coordinated and economical application of resources to minimize, monitor, and control the probability or impact.

Risk management is important in an organisation because, without it, a firm cannot possibly define its objectives for the future. If a company defines objectives without taking the risks into consideration, chances are that they will lose direction once any of these risks hit home.

Risk management starts with Hazard identification and Risk assessments that is the identification of risks and their potential impact.  It is followed by Risk analysis, which can be qualitative or quantitative.

Hazard and Operability (HAZOP) is a technique used for the assessment of hazards associated with the operation of a process plant, while QRA is a technique to quantify the risk associated with the plant. SWMS is effective in a project type of work atmosphere.

The main…