(79a) Simplistic Yet Insightful Way to Present Operational Risks in Order to Facilitate Risk Discussions

Risk matrix can be used as an effective engagement tool to help personnel internalize the concept of risk and risk prioritization. In our work, we have used risk matrix outside of the technical application of Process Hazard Analysis, in simple exercises to broaden risk awareness at client organizations. Based on our experience, we find that consensus on potential consequences can usually be achieved relatively easily. However, the discussion on event mitigated likelihood/frequency can be quite subjective, with disagreement typically arising between historical consideration of actual events and their potential likelihood (opportunity frequency). Our experience suggests that such disagreement can actually be harnessed, with frequency represented as a range in the risk matrix to provide insightful information and rich discussion on potential for incidents.