Choosing Appropriate Quantitative Safety Risk Criteria

In some situations, risk can best be understood, and therefore managed, through risk quantification. Establishing quantitative risk criteria can be a key component in informed risk decision making. Currently many companies use quantitative risk criteria, either formally or informally. Some companies base their criteria on regulatory precedents (e.g., Netherlands, UK HSE, etc.) while others have developed “home grown” criteria, involving company-specific judgments. This paper will provide an overview of the new American Institute of Chemical Engineers, CCPS Guidelines for Developing Quantitative Safety Risk Criteria, which is intended to provide assistance to companies seeking to develop such criteria. The paper will provide an early view of the book contents, and highlight challenges to be addressed by any company attempting to establish risk criteria.