Risk management identifies events that may affect the objectives of a project or facility. Assessment and monitoring enable actions to be prioritised, responsibilities assigned and changing conditions reviewed.
The analysis must connect each risk with a cause, a potential consequence and a project objective. Assessment uses agreed criteria to avoid inconsistent comparisons between different situations.
The value of the process depends on follow-up. Design changes, new conditions and action outcomes must be reflected in the register and in pending decisions.
The scope is defined according to asset condition, project stage and available information.
Scope, interfaces and constraints are reviewed with the functions involved. Risks are described and prioritised using common criteria and the available information.
Uncertainties are linked to project objectives and dependencies. A useful register identifies causes, potential consequences and actions, with responsible functions and monitoring conditions.
Technical assessments are selected according to the question and design maturity. They may include hazard identification or failure mode analysis, with information and participation appropriate to the scope.
Deliverables are agreed when the service is defined. The bases used, results and outstanding checks are documented so that the information can carry through to the next stage.
An initial review confirms what information is available and what needs to be completed. To prepare for that discussion, it is useful to have:
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