What are the benefits and limitations of risk matrices?
When fully quantitative analyses are not feasible or practical, risk matrices provide a convenient and intuitive means of assessing and categorizing risk for pipelines.
Risk matrices use descriptive categories, risk indices, and risk ranges to allow you to evaluate assets, projects, and scenarios. Colour coding is overlayed onto the matrix to denote acceptability and to facilitate decision making.
However, while the ease of use of the risk matrix has led to widespread industry use, there is a lack of consistency in the evaluation results between pipeline operators, and even between assets, within a given organization. This makes it difficult to objectively compare risks in absolute terms and to decide what risk-reduction measures, if any, are required to achieve acceptable risk levels.
What are the benefits and limitations of risk matrices?
C-FER Technologies is proposing a joint industry project (JIP) to develop a framework for operators to create and calibrate risk matrices for risk assessments and decision making.
The general approach will involve using historical data (e.g. incident reporting data), existing operator risk registers, and consensus decision making, to establish a systematic process for deriving the quantitative likelihood and consequence axes. Quantitative axes will allow for alignment with accepted quantitative risk criteria, such as those proposed in CSA Z662 Annex B.
In this way, risks can still be based on subjective (qualitative) assessments, but they can be benchmarked/calibrated to accepted industry precedent. The method would also allow for the As Low as Reasonably Practicable (ALARP) principle, which builds in some flexibility and adaptability that are required to accommodate a broad range of threats, operating conditions, and risk tolerance.
The JIP will provide guidance on using the matrices, developed or calibrated via the framework, to assess risk and make integrity decisions.
Discover the Benefits of the Standardized Risk Matrix Creation JIP
Increased Clarity
and
Transparency
Improved Consistency and Alignment
Across Industry
Advanced Tracking
and
Benchmarking
Improved Predictable Regulatory Evaluations
Discover the Benefits of the Standardized Risk Matrix Creation JIP
