Quantitative Risk Assessment (QRA)

Your challenge

It is vital to identify risks in industrial workplaces in order to protect plant workers, the people in the surrounding area, the environment and the plant itself. Demonstration of acceptable risk levels is often a requirement for facilities such as chemical production and processing facilities, high pressure pipelines or storage and importation sites for liquefied natural gas. Local regulation or corporate governance may also define risk acceptability criteria which all operations must meet in order to demonstrate that risks are identified and controlled to acceptable levels.

What is Quantified Risk Assessment?

Quantified Risk Assessment (QRA) is a comprehensive approach to evaluating and quantifying the risks associated with a facility, process, or activity. The key steps involved in QRA include hazard identification, frequency analysis, consequence analysis, and the calculation of overall risk levels. By combining the likelihood and potential impacts of various hazards and undesirable events, QRA provides a quantitative basis for risk management decision-making.

QRA is widely used across industries such as oil and gas, chemical processing, nuclear power, and transportation to support informed decision-making and the development of effective risk mitigation strategies. The quantitative approach of QRA offers a more objective and data-driven basis for risk assessment compared to qualitative methods, enabling organizations to prioritize risks, allocate resources effectively, and demonstrate compliance with regulatory requirements. Through the documentation and ongoing review of QRA findings, companies can continually improve their risk management practices and maintain the safety and integrity of their operations over time.

How Bureau Veritas supports you

Our expert team has vast experience in completing Qualitative Risk Assessments (QRAs) , which is a structured approach to identifying and understanding the risk associated with hazardous activities such as the operation of the plant. The assessment includes:

• Review of safety documents (fire fighting and safety layout drawings, F&G detection studies, escape, evacuation and rescue (EER) analysis and design stage studies, etc.);
• Process hazard analysis;
• Scenario development;
• Likelihood / frequency analysis;
• Consequence analysis (such as fire and explosion modeling);
• Impact assessment;
• Risk assessment;
• Recommendations for risk reduction measures;
• Reporting and documentation.

Benefits