3.2.3. Formal Risk Assessment

Formal risk assessment is a documented process, usually involving a team of relevant site and possibly off-site expertise. It is used for project, major hazard or site risk assessments. They may also be used in the development of statutorily required Standard Operating Procedures (SOP). There are many techniques such as the examples listed below:

• HAZAN – Hazard Analysis

• WRAC – Workplace Risk Assessment and Control

• HAZOP – Hazard and Operability Studies

• FMECA – Failure Modes and Effects Criticality Analysis

• LTA – Logic Tree Analysis

• FTA – Fault Tree Analysis

• QRA – Quantitative Risk Assessment.

Although very similar in principle, the above tools vary in detail to suit specific issues. The most frequently used process is WRAC. This has been widely adopted by sites. However, managers should have a tool box of analytical tools to help them systematically deduce and address risks in their various tasks.