Quantified Risk Assessment

Quantified Risk Assessments (QRA) are used to identify an asset’s potential hazards, determine the probability of a hazardous event occurring, and assess the potential fallout from such an event. Though QRAs are typically created for the sole purpose of fulfilling a region’s Safety Case legislation, DPS believes they are an integral part of managing an asset’s lifetime risks. QRAs should be continually updated and integrated into asset planning to help inform business decisions.

When developing a QRA for your project, we prefer to begin at the concept design stage. DPS accounts for potential hazards, identifies the likelihood of occurrence and analyses consequences. These findings are present in a Risk Profile that delineates potential detrimental events along with their estimated probabilities of occurrence and expected outcomes. This Risk Profile is updated throughout the life of your asset to offer a clear and up-to-date understanding of an asset’s actual risks.

Risk Profiles are valuable for understanding where failures in security might occur. In addition to legally illustrating a facility’s ability to properly conduct operations, they enhance security by bolstering vulnerable areas.

The advantages of a QRA include:

• Identification of safety critical procedures and areas
• Highlighting of vulnerable areas
• Enabling of risk reduction

To facilitate communication, our Risk Profiles are presented in an easily understood format. This allows decision-makers to share our risk analysis and make more cost-effective choices when planning the direction of their businesses.