Quantitative Risk Assessment
Quantitative risk assessment (QRA) is a valuable tool for assessing and managing risks. The technique provides a structured and quantifiable approach to risk analysis, enabling organizations to make accurately informed decisions and prudently manage process risks. QRA can be used to inform every aspect of process risk management, including: site selection and layout, process and safety system design, emergency planning, spacing requirements for installations, process deviation control, fire protection design, gas detection layout, and emergency isolation measures, among others.
AcuTech leverages decades of experience in process safety and risk management, working with organizations to develop or enhance safety management systems. AcuTech’s team has performed hundreds of quantitative risk assessments for operations globally, whether onshore or offshore. Our work spans the oil, gas, petrochemical, specialty chemical, and transportation sectors, as well as analyses in specialty industries that require novel, tailored approaches.
AcuTech’s quantitative risk team are experts in the field, using the latest industry risk models (DNV Phast and Safeti, Gexcon EFFECTS and RISKCURVES, FLACS), proprietary QRA modeling tools, the latest historical accident data, and practical methods to ensure QRA studies accurately assess complex operations to produce clear and actionable results. Through analyses and training, companies gain the knowledge to comprehend quantitative techniques, assess risks to onsite and offsite personnel, evaluate property damage potential, manage reputational concerns, and prudently select risk mitigation measures. In doing so, all stakeholders reap the advantages of AcuTech’s extensive expertise in process safety regulations, cross-industry best practices, and cutting-edge quantitative risk assessment methods and tools.
- Hazard identification studies (HAZID)
- Development of accidental release scenarios
- Consequence modeling (PHAST, CFD) for fire, explosion, and toxic vapor dispersion
- Development of recommendations for risk reduction
- Quantitative frequency analysis
- Event Tree
- Fault Tree Analysis (FTA)
- Failure Modes & Effects Analysis (FMEA)
- Layer of Protection Analysis (LOPA)
- Accident/Incident Data Review
- Risk Integration
- Cost-Benefit Analysis
- Reliability, availability, and maintainability analysis of critical components and systems (RAM analysis)
AcuTech’s consultants are well versed in codes and standards developed by industry bodies and will refer to these as well as each client’s local jurisdiction codes and standards. A sampling of the relevant codes and standards can be found below.
- API RP 750 Management of Process Hazards
- API RP 752 Management of Hazards Associated With Location of Process Plant Permanent Buildings
- Methods and protocols published by the American Institute of Chemical Engineers (AIChE) Center for Chemical Process Safety (CCPS) in their Guidelines for Chemical Process Quantitative Risk Analysis, Guidelines for Evaluating Process Plant Buildings for External Explosions, Fires and Toxic Releases, and Guidelines for Facility Siting and Layout
- API RP 754 – Process Safety Performance Indicators for the Refining and Petrochemical Industries. Developed by the American Petroleum Institute (API), this standard provides guidelines for the development and use of leading and lagging indicators to measure process safety performance.
- API RP 581 – Risk-Based Inspection Technology. Also from the American Petroleum Institute, this standard outlines the principles and practices for implementing risk-based inspection programs in the refining and chemical process industries.
- NFPA 59A – Standard for the Production, Storage, and Handling of Liquefied Natural Gas (LNG). Published by the National Fire Protection Association (NFPA), this standard specifically addresses the risks associated with the production, storage, and handling of LNG.
- NFPA 551 – Guide for the Evaluation of Fire Risk Assessments. Another NFPA standard, NFPA 551 provides guidance on evaluating the quality and effectiveness of fire risk assessments.
- ISO 31000 – Risk Management – Guidelines: Published by the International Organization for Standardization (ISO), ISO 31000 is a general standard for risk management that provides principles, a framework, and a process for managing risk.
- IEC 61511 – Functional Safety – Safety Instrumented Systems for the Process Industry Sector. Developed by the International Electrotechnical Commission (IEC), IEC 61511 provides guidelines for the specification, design, installation, operation, and maintenance of safety instrumented systems (SIS) in the process industries.
- CCPS Guidelines Series. The Center for Chemical Process Safety (CCPS) produces a series of guidelines addressing various aspects of process safety, including risk assessment. Examples include “Guidelines for Hazard Evaluation Procedures” and “Guidelines for Process Safety Documentation.”
- ASME B31.8S – Managing System Integrity of Gas Pipelines. This standard from the American Society of Mechanical Engineers (ASME) provides guidelines for managing the integrity of gas pipeline systems, including risk assessment considerations.
- EN 1050 – Safety of Machinery – Principles for Risk Assessment. This European standard provides principles for the risk assessment of machinery and is relevant to the broader field of industrial risk assessment.
- CCPS/AIChE Risk-Based Process Safety Guidelines. The American Institute of Chemical Engineers (AIChE) and CCPS have collaborated on various guidelines that provide comprehensive information on risk-based process safety.
AcuTech consultants have contributed to the following standards, codes, and programs.
- Lead author of the AIChE CCPS Guidelines for Chemical Transportation Safety, Security and Risk Management, 2008
- Expert users of the Det Norske Veritas (DNV) PHAST and SAFETI software, including the 3-D explosion extension, including contributions to the DNV User Seminars.