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risk management

Risk management is a blanket term covering the identification and evaluation of threats, hazards or other exposures to losses / costs.

Assessments utilise a large number of techniques ranging from a detailed Quantitative Risk Analysis (QRA) to more abstract techniques such as Hazard Identification (HAZID) and Hazard and Operability (HAZOP) studies, which rely on expertise and judgement. Chilworth Group adopts a flexible approach to risk assessment, which allows the integration of elements from both hard and soft within an analysis. A risk assessment typically provides the basis on which subsequent risk management decisions can be made.

HAZID studies involve identification of hazards and the events, which may lead to risk to either people, Environment, Asset or companies' reputation, provides a logical starting point for risk management. Systematic appraisal of what might go wrong, combined with ranking in terms of severity, gives a structured basis on which to develop the management strategy.

HAZOP studies, which are common in the industry, provide a means to systematically identify deviations from design. Chilworth Group provides HAZOP services and similar studies in a cost-effective manner. The group's HAZOP experience ranges from simple plant items to complete facilities.

QRA is a long established study in our industry and combines hazard identification with an assessment of the frequency and magnitude of hazardous events to determine the risk(s), which is then evaluated against tolerability criteria. Full QRA studies frequently encompass several of the other risk management aspects, e.g. modelling of system behaviour, system reliability and the effectiveness of safety systems.

Conventional QRA has been extended by Chilworth in applications such as Deconstruction Risk Assessment and Typhoon Risk Assessment depending on the local conditions and client requirements.

Blast Overpressure study encompasses the use of blast models to assess the consequences of overpressure. The study helps in determining blast wall rating. The use of properly defined blast walls can considerably reduce risk to the people & asset.

Poor Ventilation can significantly increase risk of explosion in a congested plant layout. Chilworth carries out ventilations study and analyzes the potential of increased risk of explosions due to congestion of equipment / facility.

Evacuation, Escape and Rescue Analysis (EERA) is part of Formal Safety Assessment (FSA). Chilworth Group has performed EERA to assess the risk associated with Evacuation, Escape and Rescue activities following an accidental event on an offshore installation.

Emergency Systems Survivability Assessment (ESSA) is part of FSA. Chilworth Group has performed ESSA to assess the risk associated with failure of emergency systems due to an accidental event on an offshore installation.

Temporary Refuge (TR) is provided on an offshore installation to enable orderly muster and evacuation of personnel during an emergency. Chilworth Group has performed TR Analysis to assess its integrity under major accidental events on an offshore installation.

Ship Collision Risk to an offshore installation can be significant due to high marine traffic in the area. Chilworth Group has performed Collision Risk Analysis to assess and mitigate ship collision risks through appropriate navigation systems, marine procedures and review of an offshore installation's structural integrity.

Dropped Objects Analysis evaluates the consequential risk to the plant, offshore platform structure, pipelines and personnel as the offshore installation perform frequent lifts of varies objects of different impact energy. Chilworth Group has performed Dropped Objects Analysis to assess and mitigate this risk for offshore installations.

Business and Project Risk All businesses are exposed to risk in varying degrees and the conventional method of protecting against losses arising from these risks is insurance. Fundamental to insurance and risk management is the concept of insurable risk, while the question of uncertainty is in turn inherent in the concept of risk. Chilworth Group provides specialist business and project risk consultancy to determine the probability of a loss-producing event occurring and, if so, the consequences that will results from the said event. This is of utmost importance in trying to ascertain the risk associated with a particular business venture or project. Decisions can then be taken based on the predicted risks thereby minimizing commercial liabilities.

Process Design Review is a Comprehensive Systematic analysis of a design against its requirements to determine its Capability, Adequacy and Safety. It is a design control methodology wherein the design is evaluated to identify present and potential problems. The design review checks for 1. Adequacy, 2. Completeness, 3. Check against standards and 4. Best Engineering practices.