Risk Assessment

A structured repository that records all identified risks, their assessments (probability, consequence, risk level), treatment plans, residual risk after treatment, risk owners, review dates, and current status. The risk register provides a single authoritative view of an organization's risk landscape and serves as the primary governance tool for tracking risk management activities.

A two-dimensional grid that combines Probability of Failure (PoF) on one axis and Consequence of Failure (CoF) on the other to produce a visual risk ranking. The matrix divides risk into categories (typically A through E or Low/Medium/High/Very High/Extreme) that determine inspection priority, interval, and strategy. Risk matrices provide a standardized framework for comparing and prioritizing risks across diverse equipment populations.

A methodology that uses risk assessment to prioritize and plan inspection activities for pressurized and other equipment. RBI combines Probability of Failure (driven by damage mechanisms and equipment condition) with Consequence of Failure (driven by process hazards and safety impact) to rank equipment by risk and allocate inspection resources where they will have the greatest impact on risk reduction.

A systematic, proactive methodology for evaluating a process, product, or design to identify all possible failure modes, determine their effects on system performance, rank them by risk priority, and recommend actions to reduce or eliminate the highest risks. FMEA examines each component's potential failure modes, their causes, effects at local/system/end levels, current controls, and risk priority numbers.

A quantitative or semi-quantitative measure of the likelihood that an equipment item will fail within a specified time period. PoF is determined by the generic failure frequency of the equipment type, modified by damage factors that account for specific active degradation mechanisms, and adjusted by a management system factor reflecting the quality of the facility's integrity management program.

A measure of the impact resulting from an equipment failure, encompassing safety (personnel injury/fatality), environmental (release to atmosphere/ground/water), production (lost throughput and business interruption), and equipment (repair/replacement cost). CoF is evaluated based on the worst credible release scenario, considering fluid properties, operating conditions, detection and isolation systems, and the surrounding environment.