One of the largest companies in Latin America hired Risknowlogy Colombia to support and help them quantify their so called risk assessment matrix (RAM). The company was using their current RAM in a semi-quantitative way. The consequence scale was quantified, but they were using qualitative ranges for the frequency of occurrence of hazardous scenarios.
This approach worked well for many years but the current state of the art in industry is to express the required risk reduction quantitatively to better support the identification of the SIL level of Safety Instrumented Functions according to IEC 61511. Their existing RAM did not support quantitative risk reduction. How do you express for example the difference between “frequent”, “happened in the company” or “happened in the industry” in terms of risk reduction.
Risknowlogy performed the job a workshop style environment where professionals, from different departments within the company, were brought together to apply their knowledge and experience when determining and expressing the frequency scale. The end result was a state of the art Calibrated Risk Matrix based on the best available knowledge within the company to perform risk assessments and determine required integrity levels for safety instrumented functions.
The customer selected Risknowlogy as they stated that “the workshop will be conducted by a company globally recognized in the field of risk management, which will supply a certified TUV functional safety expert with broad international experience in the topic”. Risknowlogy’s Mr. Ricardo A Vittoni, Managing Partner of Risknowlogy in Latin America, was the designated expert.