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Risk analysis
New Risk Analysis BowTieXP is a complete and user friendly risk analysis software tool. It is based on the - in popularity increasing - Bowtie method and is used by risk professionals all over the world. Many global fortune 500 companies have chosen BowTieXP as their standard for analyzing, assessing and assessing managing risk. BowTieXP is suitable both for the beginning Bowtie analyst as for the experienced professional. The quick start functionality guides new users through the process of making their first Bowtie diagram; without experience of the method or the software everybody is able to get started. For more experienced users the software offers a sea od of possibilities. Such as: freedom while building diagrams and extensive data linking options and many overview perspectives. BowTieXP is very flexible and can easily be adjusted to companys standards and rules. flexible The Bowtie method is frequently used for risk analysis, assessment, communication and management. For all these steps BowTieXP has comprehensive output functionalities; powerful visual diagrams and extensive reporting options. The reports and graphics can be exported in several formats allowing the user as much editing freedom as desired (in Word, PowerPoint, Excel, Visio and many other popular applications).
open. For example: oil is outside of the pipeline (loss of containment). Not a major disaster, but if not mitigated correctly it can result in more unwanted events (consequences). Often there are several factors that could cause the Top Event. In the BowTie method these are called Threats. These threats need to be sufficient or necessary: every threat itself should have the ability to cause the Top Event. For example: corrosion of the pipeline can lead to the loss of containment. When a Top Event has occurred it can lead to certain consequences. A consequence is a potential event resulting from the release of the Hazard which results directly in loss or damage. Consequences in the BowTie method are unwanted events that an organization by all means wants to avoid. For example: oil leaking into the environment. Risk management is about controlling risks. This is done by placing barriers to prevent certain events form happing. A Control can be any measure taken that acts against some undesirable force or intention, in order to maintain a desired state. In the BowTie method there are proactive Controls (on the left side of the Top Event) that prevent the Top Event from happening. For example: regularly corrosion-inspections of the pipelines. There are also reactive Controls (on the right side of the Top Event) that prevent the Top Event resulting into unwanted consequences. For example: leak detection equipment or concrete floor around oil tank platform. In an ideal situation a Control will stop a Threat from causing the Top Event. However, many Controls are not a 100% effective. There are certain conditions that can make a Control fail. In the BowTie method these are called Escalation Factors. An Escalation Factor is a condition that leads to increased risk by defeating or reducing the effectiveness of a control. For example: earthquake leading to cracks in the concrete floor around a pipeline. ALARP If you want to be completely sure that there is no risk present you have to get rid of the Hazard. But since the Hazard is part of normal business this is simply not possible. We accept there is a risk and we try to do everything possible to keep the risk As Low As Reasonably Practicable (ALARP). For a risk to be ALARP it should be demonstrable that the cost involved in reducing the risk further would be grossly disproportionate to the benefit gained. What ALARP means is different for every organization; it depends on what risks an organization does or does not want to take and what an organization wants to spend (in time & money) on control measures.