Risk Analysis & Assessment
Understanding and evaluating risk is critical to preventing failures and ensuring safety, quality, and resilience.
- Identify and analyze risks using industry-proven tools (HAZID, FMEA, Bow-Tie)
- Apply qualitative, semi-quantitative, and quantitative methods
- Prioritize risk and recommend treatments
- Integrate risk analysis into operations and projects
- Risk managers and analysts
- Engineers and safety professionals
- Compliance officers
- Project and operations managers
This interactive training course includes the following training methodologies as a percentage of total tuition hours:
- Lectures
- Workshops, work presentations ,
- Group Work in case study & Practical Exercises.
- Videos and general discussions
- Pre-Test and Post Test
Course Outline
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)
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
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
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
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