ABSTRACT

This chapter seeks to help risk managers to identify potential applications. It provides high-level recommendations about how to handle risk assessment in Integrated Operations. Risk assessment is deeply rooted in the offshore oil and gas industry’s loss prevention practices. In the traditional risk assessment, risk is typically understood as a combination of the consequences of an event and the likelihood of occurrence. Although Jorn Vatn bases his approach on the steps described in the International Organization for Standardization, his definition of risk is different. He argues that risk describes uncertainty about the occurrence and severity of events. This contrasts with many other interpretations of risk, which is seen as an inherent property of the system. Four abilities of a resilient system responding, monitoring, learning and anticipating are used as a framework to identify the indirect risks in safety management. Uncertainty-based risk assessment involves the structuring and modelling of knowledge about future events and related uncertainties.