353322 One company’s approach on Relative Ranking of Portfolio of Process Safety Risk

Tuesday, April 1, 2014: 2:30 PM
Grand Ballroom A (Hilton New Orleans Riverside)
Shakeel Kadri1, Derek Miller2, Martin Dennehy2, Glen Peters1 and James VanOmmeren1, (1)Air Products & Chemicals Inc., Allentown, PA, (2)Air Products

At Air Products, we have been managing our portfolio of process safety risk for many years. We have dual risk management mandate: Continually reduce our existing portfolio of risks and Manage new risks to levels that lower our portfolio risk. On an annual basis, we review the process safety risk portfolio, as a whole, with our senior executives, including the board of directors to address this dual mandate. Recently, to better prioritize the risk management effort, the senior executive requested if they can see a relative ranking of risks in the portfolio. We evaluated three different approaches, two internally developed, and one available externally, to develop a relative ranking of this portfolio. This paper will describe these approaches, and review in detail the finalized internally developed approach [Cumulative Fatality Rate] we applied that provided a better view on where each risk stood in comparison to others, and where we should focus our risk improvement effort.

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See more of this Session: Enterprise Risk Assessment / Management
See more of this Group/Topical: Global Congress on Process Safety