How Risk Based Decision Making improves Energy Efficiency in Oil and Gas Industry - Implementing Environmental and Resource Management - page 172

cident. It should be noted however that in some societies this is not an acceptable
method due to the necessity of applying a monetary value to human life.
Fig 15.2. Risk Analysis, Assessment and Management Process
The example criteria shown in figure 15.3 are not taken from any particular com-
pany standard or procedure, but the numerical threshold levels presented here are
followed widely in the industry. The comparison of risks with the criteria will de-
termine whether risk reduction measures are either necessary or desired. A Risk
Reduction Workshop is then carried out to identify and evaluate the potential risk
reduction measures based on the inputs from the Risk Analysis. Whether or not
the proposed reduction measures lead to ALARP risk levels, is then determined
through iterative analysis.
Fig. 15.3. Individual and Societal Risk Criteria (source: Bolsover 2006)