Understanding, Managing, and Communicating High Consequence Risk

This presentation discusses the relationship between the tools used to identify, understand, mitigate and communicate high consequence risks. The understanding and reporting of high consequence risks, along with providing management, senior leadership, and the Board of Directors with the information necessary to ensure successful risk management, are fundamental outputs to a risk management process. Tools such as the Risk Matrix, Bow Tie Analysis, and Risk Register will be discussed along with key issues such as risk mitigation and risk information flow from the operating level to senior leadership to the Board of Directors.  Fundamental to this discussion is the concept that all hazardous events are managed to an acceptable risk through engineering and administrative controls, and a robust Process Safety Management system.