Risk is ever present in chemical industries, risk management becomes a crucial issue, when it comes to making business decisions, and the challenge is in assessment and mitigating the risk all the risks involved and adequately factoring in how changes in circumstance might influence the decision.
In all types of engineering of complex systems sophisticated risk assessments are often made within Safety engineering and Reliability engineering when it concerns threats to life, environment or machine functioning and materials. The nuclear, aerospace, oil, rail and military industries have a long history of dealing with risk assessment. Also, medical, hospital, social service and food industries control risks and perform risk assessments on a continual basis. Methods for assessment of risk may differ between industries and whether it pertains to general financial decisions or environmental, ecological, or public health risk assessment.
Understanding variability and risk is what sigma3s and qualified statisticians do. Creating a link between predictive statistical models and risk analysis based on historical and existing data analysis one thing that sigma3s does well.
Risk assessment in industry uses the language of statistics - how "likely" it is for a scenario to occur, and what outcome is "expected"? Sigma3s Consulting uses statistical techniques and methods, probability theory to develop risk predictive models. Typically statistical analysis is used to quantify probabilities of events occurring and probability theory is used to combine these together in a computer model. Combination of predictive models helps us to understand the contributors and main predictors for create a major accident.
Quantitative risk assessment (QRA-Safety approach) is an essential tool applied in safety management and risk control throughout the design, construction, and operation and decommissioning of all industrial activities in order to achieve safer operations and reduce accidents.
Integration QRA with a cost-benefit analysis is carried out to ensure the optimum return is obtained from investments in risk-reducing measures and based on ALARP (As Low As Reasonably Practicable) demonstration. A QRA enhances systematic identification and evaluation of possible accidental events, including their causes and consequences and will also provide a basis for emergency preparedness planning.
Health, Safety and Environment Consultancy
Sigam3s provides risk analysis services to oil and gas, energy and power, nuclear and chemical industries
• Environmental Risk Assessment (ERA)
• Probabilistic Safety Assessment (PSA)
• Consequence and Risk Analysis
• Quantitative Risk Assessment
• Data Analysis and Predictive Models in HSE
• Process Safety Analysis