WES Trainings

Risk Analysis & Assessment

Course Outline

Day - 1

Foundations of Risk Management & Assessment

Objective: Build foundational knowledge of risk principles and frameworks.

  • Session 1: Introduction to Risk
    • Definitions: Hazard, Threat, Vulnerability, Risk
    • Types of risk: Operational, Strategic, Compliance, Reputational
  • Session 2: Risk Management Frameworks
    • ISO 31000:2018
    • COSO ERM, API RP 754 (for Oil & Gas)
    • Risk Management Process (Context > Assessment > Treatment > Monitoring)
  • Session 3: Establishing Risk Context
    • Organizational risk appetite & tolerance
    • Stakeholder expectations
    • Internal & external environment scan
  • Workshop: Risk Identification for a Real Industry Case (Brainstorming, Delphi)
Day - 2

Risk Identification Techniques

Objective: Learn structured methods for identifying risks in complex systems.

  • Session 1: Hazard Identification (HAZID)
    • What-if Analysis
    • Brainstorming & Checklists
    • Process mapping
  • Session 2: Failure Modes & Effects Analysis (FMEA)
    • FMEA Process: Severity, Occurrence, Detection
    • Risk Priority Number (RPN)
    • Application to mechanical systems
  • Session 3: Bow-Tie Analysis
    • Understanding root causes and consequences
    • Barriers and controls
    • Visual representation for communication
  • Workshop: Build a Bow-Tie Diagram for an Equipment Failure Scenario
Day - 3

Risk Assessment Methods – Qualitative & Quantitative

Objective: Master techniques for analyzing and evaluating risk severity.

  • Session 1: Qualitative Risk Assessment
    • Risk matrix design (likelihood × impact)
    • Subjectivity and bias management
    • Heat maps and risk registers
  • Session 2: Semi-Quantitative Assessment
    • Scoring models
    • Risk scoring criteria calibration
  • Session 3: Quantitative Risk Assessment (QRA)
    • Probability distributions
    • Event tree and fault tree analysis (ETA/FTA)
    • Monte Carlo simulation basics
  • Workshop: Conduct a Semi-Quantitative Risk Analysis on Pipeline Leak Scenario
Day - 4

Risk Evaluation, Control & Decision-Making

Objective: Develop risk response strategies and improve decision-making.

  • Session 1: Risk Evaluation
    • Risk acceptance criteria
    • ALARP principle (As Low As Reasonably Practicable)
    • Regulatory thresholds
  • Session 2: Risk Treatment Planning
    • Avoid, Transfer, Mitigate, Accept
    • Control selection and hierarchy
  • Session 3: Risk-Based Decision-Making
    • Prioritizing actions based on risk level
    • Business case development for controls
  • Workshop: Create a Risk Treatment Plan with Business Justification
Day - 5

Monitoring, Review & Risk Reporting

Objective: Learn to track, report, and continuously improve risk management.

  • Session 1: Risk Monitoring & Performance Metrics
    • Key Risk Indicators (KRIs)
    • Leading vs. Lagging indicators
    • Audit and review cycle
  • Session 2: Communicating Risk
    • Risk reports for executives
    • Dashboards and visual tools
    • Risk culture & staff engagement
  • Session 3: Final Review & Practical Assessment
    • Case study: Integrated Risk Analysis
    • Written test or group presentation
    • Action plan for implementation in the workplace
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