Plant Hazard Analysis and Safety Instrumentation Systems

3.0. Risk Register, Risk Matrix and Risk Ranking

3.1. Preamble and a Few Term Definitions

Risk management is a buzzword now, but it is not a new idea. People used to do the same in different forms earlier also. Only in the modern days this has been looked at in a more comprehensive and systematic way. In day-to-day use, it is loosely conceived as probability of known loss. As stated earlier, that risk is an impact (mainly negative) to an asset, arising out from present action or future event and measured in terms of severity and likelihood. Importance of risk ranking in risk management, discussed in the next chapter, cannot be overestimated. Without this it is impossible to manage risk. There is every possibility that small risk may receive unwarranted ...