COMMONLY USED METHODOLOGIES

·         Based on Failure Modes and Effects Analysis (FMEA)

·         Frequency and Severity Matrix

·         What-If Analysis

·         Hazard and operability study (HAZOP)

·         Fault tree analysis (FTA)

FREQUENCY AND SEVERITY MATRIX

In a typical frequency and severity matrix each risk is rated in line with the frequency rating and expected severity

RISK REGISTER

RISK REGISTER UPDATE

As part of the risk register updating process it is important to:

·         Add severity and frequency matrix results

·         Perform quality check on results

·         Categorize the risks to make them easier to handle

·         Perform urgency assessment (prioritization) to determine which risk need immediate attention

PERFORM QUANTITATIVE RISK ANALYSIS