1616+1814 TAKE THE PRESSURE OFF WITH EFFECTIVE RISK ASSESSMENTS Manage and control risk while increasing the speed of your businessInvestments are often put on hold in an uncertain business environment or when companies dont have a good handle on the risks facing their organization. On the flip side, when savvy organizations have a thorough understanding of all relevant risks, they are able to adopt appropriate risk management strategies - avoid, mitigate, insure or accept - and pace themselves with a risk balanced mindset, while providing full transparency to all its stakeholders. The key to this model is a systematic risk assessment method of identifying high-priority risks and properly allocating capital towards minimizing exposure.With Sphera’s proven enterprise software, content and domain expertise, you can strengthen and improve a number of environment, health and safety risk assessment processes including: Process Hazard Analysis (PHA), Management of Change (MOC), Job Safety Analysis (JSA), Security & Vulnerability Analysis (SVA), Fault Tree Analysis (FTA), and Bowtie Analysis. Bow-Tie Risk AnalysisThe Bow-tie methodology is a qualitative risk assessment method that provides a visual representation of the causes of unintended events, likely outcomes, and measures in place to mitigate or control hazards. It is often conducted after an initial PHA, and has been adopted in industries such as mining, oil & gas, chemicals and pharma. Due to its graphic nature, Bow-tie analysis is easily understood by all levels of operations and management, and provides critical information that allows you to improve the safety of your processes and make better business decisions.
Fault Tree AnalysisFault Tree Analysis (FTA) is a top-down approach for analyzing pre-event failures with systems in development - beginning with the top event (the potential failure), then determining all the ways it can occur. Similarly, post-event failures can be analyzed to find the root cause of the failure. Although FMEA and FMECA are very powerful tools, specific recommendations can be vague, so identifying very high risk situations may warrant very specific investigation using the FTA methodology.
Fault tree and event tree in risk analysis. Fault Tree Symbols AND GATE - Occurs if all of the input events occur simultaneously. OR GATE- Occurs if any of the input events occur either alone or in combination BASIC EVENT/INDEPENDENT EVENT- An event that requires no further development. Probabilities available from empirical data.