Risk Assessment: Theory, Methods, and Applications

CHAPTER 5

RISK MANAGEMENT

5.1 INTRODUCTION

This chapter gives a survey of the various steps in a risk analysis and describes the role of risk analysis and risk assessment in the risk management process. The application of bow-tie diagrams and bow-tie analysis in a risk management process is outlined briefly. Different types of risk analyses are discussed together with quality requirements and the competence of the study team. Risk management is mentioned briefly, but management aspects are outside the scope of this book. The most common analytical methods for risk analysis are discussed in Chapters 9–11.

5.2 RISK MANAGEMENT

In Chapter 1, risk management was defined as a continuous management process with the objective of revealing, analyzing, and assessing potential hazardous events in a system, and identifying and introducing efficient risk control measures to eliminate or reduce possible harm to people, the environment, or other assets. Risk management is an integrated part of all good management and has, in our context, three main elements:

1. Risk analysisThe objectives of risk analysis are to:
   1. Identify hazards and threats related to the study object (system).
   2. Identify potential hazardous events that may occur related to the study object.
   3. Find the causes of each hazardous event.
   4. Identify barriers and safeguards that can prevent or reduce the probability of hazardous events and/or the consequences of these events, and assess the reliability of these barriers.
   5. Identify accident ...