Quantified Risk Assessment (QRA)
Powerful Decision Tool for Risk Management
Companies building or managing an industrial plant must comply with risk criteria established by local licensing authorities. Risks must be identified in order to protect plant workers, the people in the surrounding area, the environment and the plant itself. This requires a Quantified Risk Assessment to demonstrate that risk levels are within the defined criteria and are tolerable.
What is Quantified Risk Assessment?
Quantified Risk Assessment (QRA) is a structured approach to identifying and understanding the risks associated with hazardous activities such as the operation of an industrial plant.
The assessment starts by taking inventory of potential hazards, their likelihood, and consequences.
The quantified risks are then assessed by comparison against defined criteria. Quantified Risk Assessment provides valuable insights into the features of the industrial plant, highlighting those aspects where failures may result in harm to operators, members of the public, the environment and or the asset itself. QRA provides a basis for decision-making in the design and operation of the plant, and may also be required to legally show “fitness to operate”.
By carrying out a QRA, Bureau Veritas quantifies the risks associated with major accident hazards typically identified during HAZID or HAZOP sessions. The assessment includes:
- Review of safety documents (fire fighting and safety layout drawings, F&G detection studies, escape, evacuation and rescue (EER) analysis and design stage studies, etc.);
- Process hazard analysis;
- Scenario development;
- Likelihood / frequency analysis;
- Consequence analysis (such as fire and explosion modeling);
- Impact assessment;
- Risk assessment;
- Recommendations for risk reduction measures;
- Reporting and documentation.
QRA provides input on safety issues during the design, operation and regulation of hazardous activities. In addition, QRA provides a rational basis for monitoring risks and providing specific decision making guidance:
- Act as decision aid regarding whether the risks need to be reduced;
- Propose targets for risk reduction measures;
- Design basis for fire and blast protection as well as emergency planning and training;
- Aid in the selection of the most appropriate design concept;
- Find the most cost-effective ways to reduce risk;
- Assist with As Low As Reasonably Practicable (ALARP) demonstrations;
- Identify safety-critical procedures and equipment.
WHY CHOOSE BUREAU VERITAS?
With a worldwide network of offices, Bureau Veritas can provide QRA across the globe. Bureau Veritas engineers have access to advanced technology via technical centers, which enables them to analyze problem situations and develop appropriate solutions.
QRA is data-intensive and Bureau Veritas incorporates data from its own intranet to ensure that all studies are delivered using consistent data and assumptions. QRA uses advanced technical methods for analysis and Bureau Veritas’ QRA specialists are trained to use analysis software tools when needed.