C-FER helps operators understand the risk posed by complex engineering systems and expresses the risk in terms that can provide direction in the decision-making process. The analysis uses engineering models to evaluate the probability of failure of the systems and the associated consequences of those failures in terms of life safety, environmental and economic impacts.
The first step is to identify the various threats and hazards that could affect your asset. These can include upsets in operating conditions, degradation due to corrosion or fatigue, and external events such as storms, ground movements and third party damage.
We can accommodate for uncertainties in all inputs using probabilistic modelling. A variety of techniques - from fault trees to Monte Carlo simulation - can be employed to estimate the probability and consequence of failure for your system.
Simulate and Evaluate
Results are delivered quickly and effectively by leveraging the computational abilities of the cloud. Quantitative assessments determine which threats or factors have the greatest influence on overall risk, allowing you to focus on the critical issues.
Compare the cost to implement mitigation options to the amount the risk reduction to identify the activities that will provide the greatest risk reduction for the least cost. Where targets for tolerable risk levels are mandated, similar approaches are used to evaluate which activities need to be implemented to achieve the risk target.