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
  • Duration:
    30 minutes
  • Skill Level:
  • PDHs:

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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.

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