From Operational Risk
Investments 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.
Our Risk Assessment solution allows you to:
- Improve efficiencies in creating HAZOPs, JSAs, and other risk assessments
- Increase effectiveness in processing of actions to closure
- Enable critical expert knowledge retention & sharing
- Gain a better understanding of your risk exposure across sites with consistent and systematic measurement
- Provide visibility to risk profiles from the enterprise level down to specific categories and groupings
- Improve execution by better allocating resources to higher risk areas
Hazard and Operability Study (HAZOP)
HAZOP is a highly-structured hazard identification technique which is appropriate for use in both design and operations stages of the facility life cycle. Proactive methodologies such as HAZOPs are essential to identify and mitigate potential risks that can result in costly operational disruptions.
Process Hazard Analysis (PHA) provides visibility of materially impactful risks to improve the safety of your processes and to make better business decisions. As engineers and HSE experts consistently deploy PHA practices, they build a library of knowledge base for hazards, causes, consequences and risks. Sphera customers have reported high efficiency gains, time savings and data integrity benefits after disciplined execution of PHA processes.
The LOPA methodology analyzes the layers of protection applied to known hazards. It can be conducted alone, but is usually preceded by a HAZOP or other form of PHA. Once a PHA is conducted, LOPA evaluates the layers of protection that are recommended to mitigate each hazard. It provides a middle ground between qualitative process hazard analysis and quantitative risk analysis.
Performing a Security & Vulnerability Analysis (SVA) helps to identify, analyze and manage the physical security vulnerabilities of chemical sites. Certain sites are required by regulators, such as Homeland Security in the US, to submit SVAs and safety plans.
Job Hazard Analysis (JHA) also referred to as Job Safety Analysis (JSA) is a risk assessment tool used to review the occupational hazards associated with tasks/procedures expected to be performed in a facility or on site. With JHA, you can identify potential accidents and prevent them from occurring in the first place.
The 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.
Failure Mode and Effects Analysis (FMEA) is a leading framework in manufacturing industries for delivering high quality, reliable products faster, safer and more efficiently. Sphera FMEA solution links critical quality information metrics across decentralized design and manufacturing processes in complex supply chains, to ensure consistent product quality demanded by customers.
Fault 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.