Page 540 - Marine Structural Design

516 Part V Risk Assessment

Consequence and escalation analysis
Identification of possible risk reducing measures
Each of the above steps is further explained in the below.

1 Risk Analysis I

4
+
System Definition

v Hazard
Risk Identification Risk Reducing
Acceptance Measures
-

Frequency Consequence
Analysis Analvsis
I + I
Risk Picture

Further Risk
Reducing

Figure 29.1 Risk Estimation, Analysis, and Evaluation
The risk assessment provides a qualitative/quantitative measure of risk. Through hazard
identification, it is possible to separate critical hazards from un-critical ones. The process of
risk reducing measures may control risk through cost-effective design and procedure
improvements.
29.1.3 Planning of Risk Analysis

Risk analyses are carried out as an integrated part of the design and construction project, so
that these analyses form part of the decision-making basis for the design of safe, technical
sound, cost-effective and environmental friendly facilities.
Risk analyses are also conducted in connection with major facility modifications, such as
change of installation sites and/or decommissioningldisposal of installations, and in
connection with major changes to the organization and manning level.