One company's approach on Relative Ranking of Portfolio of Process Safety Risk
- Type: Conference Presentation
- Conference Type:
AIChE Spring Meeting and Global Congress on Process Safety
- Presentation Date:
April 1, 2014
- Skill Level:
At Air Products, we have been managing our portfolio of process safety risk for many years. We have dual risk management mandate: Continually reduce our existing portfolio of risks and Manage new risks to levels that lower our portfolio risk. On an annual basis, we review the process safety risk portfolio, as a whole, with our senior executives, including the board of directors to address this dual mandate. Recently, to better prioritize the risk management effort, the senior executive requested if they can see a relative ranking of risks in the portfolio. We evaluated three different approaches, two internally developed, and one available externally, to develop a relative ranking of this portfolio. This paper will describe these approaches, and review in detail the finalized internally developed approach [Cumulative Fatality Rate] we applied that provided a better view on where each risk stood in comparison to others, and where we should focus our risk improvement effort.