Trustworthy Risk Assessments, QRA, and Data Validation in Process Safety
We invite you to join us for our three-part webinar series on applying Risk Assessments in the ISA/IEC 61511 Safety Life Cycle with an emphasis on Quantitative Risk Assessment (QRA).
Part 1: Choosing a Risk Assessment Methodology
The ANSI/ISA 61511 Safety Life Cycle starts with a Process Hazard Analysis (PHA) and a Risk Assessment. This first webinar of our three-part series details the purpose of Risk Assessment and examines the advantages and limitations of various methodologies including Risk Graph, Layer of Protection Analysis (LOPA), Quantitative Risk Assessment (QRA), and others.
Part 2: Capabilities of Quantitative Risk Assessment (QRA) and Its Applications
Quantitative Risk Assessment (QRA) represents the "sharpest pencil" in the Risk Assessment tool kit for quantifying risk and crediting safeguards for risk reduction. In this second webinar of our three-part series we present applications for QRA, its utility for modeling dependencies, conditions where QRA provides value over other risk assessment techniques, and application of QRA in Bowtie Analysis.
Part 3: Best Practices to Ensure My Risk Assessment is Trustworthy
One of the most powerful features of the Safety Life Cycle (SLC) is validation of the Risk Assessment with actual performance data; this is the ‘cyclic’ aspect of the SLC. One of the largest sources of error in a Risk Assessment is applying generic “industry” data without validation, which can increase the frequency of incidents or the cost of controlling hazards. This final webinar of our three-webinar series shows how to leverage qualitative and quantitative methods to update Risk Assessment data including using probability distributions and confidence intervals.
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