Application of Dynamic Risk Management Approach To Mitigate Major Accidents

As industries continue to grow, complexities and uncertainties associated with process systems tend to increase, and so are the potential major industrial accidents with corresponding catastrophic consequences. To combat these industrial accidents around the worldwide, there is a need for a more dynamic approach to hazard identification and risk management that proactively mitigates potential exposures in real-time. Evidence suggests that a dynamic approach to risk management can identify and assess developing and increasing industry risks and prevent unwanted outcome. The Piper Alpha investigation and the derivation and adoption of safety case framework in the UK is a proven approach to mitigate major accident hazards for the front-end design of high-risk process facilities, throughout their lifespan. With the increasing complexity of process systems, dynamic risk management as a next-generation risk management approach is required to ensure operational safety. This study aims to stimulate discussions on the novel dynamic risk management approach, leveraging advanced technologies such as artificial intelligence and the 4th Industrial Revolution as a new risk management pathway for industrial accident prevention.