Director of Global Development – TWI Training
When assessing the risk of failure of assets within the energy sector across the world, we would have to do thorough statistical calculations and analyses. For example, when inspecting a pressure vessel offshore, the risk of failure may come to a quantitative value (e.g. 10^-4). The financial consequence is evaluated (e.g. £8M) and a hence, the risk profile and ranking produced and we arrive at a figure of say £800 per year. We don’t present this as a figure itself because it doesn’t make much sense to the people on the ground. We present it on a risk matrix, a grid that illustrates the risk with the top right showing high risk and need to take some immediate action and bottom left showing low risk.