Top level risk study - A cost effective quantified risk assessment

Probabilistic Safety Assessment (PSA) or Quantified Risk Assessment (QRA) is an internationally accepted approach to modelling the contributors to the risk from an industrial facility, plant or process. A full PSA/QRA is a time consuming and costly exercise. A Top Level Risk Study (TLRS) is a means of achieving the benefits of a QRA more quickly, for less cost, and in a form to allow much easier use and interpretation. A TLRS is based upon the combination of experience in modelling and assessing the reliability of complex systems. Risk and Safety Management are continuous processes, especially with respect to the design and implementation of loss prevention and loss control measures. These aspects generally involve a continued expenditure on the plant, and it is important that the expenditure is directed at the areas which will contribute the maximum return in the form of risk reduction. The TLRS forms a useful input to such Cost Benefit Analysis (CBA), and again this information contributes to efficient Risk and Safety Management.