Quantitative Risk Assessments
Quantitative Risk Assessments provide a clear understanding of the potential events that may affect the safe and economic operation of potentially hazardous facilities. Using a systematic evaluation of the possible hazards, their consequences and frequency, ABS Group develops quantitative risk assessments to evaluate the effects of hazard prevention and mitigation systems and to assess their relative contribution to safer facility operations.
Assessing the Elements of Risk
Scenarios, frequency and consequences are elements of risk. Analysis of these elements is an integral part of a comprehensive risk assessment. Risk identification and assessment are typically the first step in any risk management process and crucial to optimizing an overall risk strategy.
Scenario, frequency and consequence analyses are used to identify the likelihood and consequences of potential accidents at your facility, generate recommendations to reduce or control these risks and examine the benefits of implementing recommendations that reduce risk.
Failure modes and effects analysis (FMEA), fault tree analysis, event tree analysis or other logic modeling techniques are used to identify potential component and system failure combinations that can lead to a major accident and accident sequences, as well as their possible causes.
Consequence analysis techniques are used to model release rates, quantities and dispersion of released materials associated with fires, explosions and other facility-specific hazards and estimate the potential impact of these events on employees, the public, facility property, neighboring facilities and the environment. Typical results include identification of the areas potentially affected by these events, as well as estimates of casualties, economic losses and environmental impacts.