Risk Assessment and Management Flashcards

What is a Layer of Protection Analysis (LOPA)?

Answer: A semi-quantitative method that evaluates whether independent protection layers adequately reduce risk for specific scenarios

LOPA evaluates whether the independent protection layers assigned to a specific scenario provide sufficient risk reduction.

What is the purpose of a bowtie risk assessment diagram?

Answer: To provide a clear visual representation of threats, preventive barriers, a top event, consequence pathways, and mitigative barriers

A bowtie provides a comprehensive visual showing threats, preventive barriers, the critical event, and consequence pathways with mitigative barriers.

What is the concept of tolerable risk?

Answer: The level of risk society or an organization is prepared to accept given the benefits and existing mitigation

Tolerable risk is accepted because the benefits outweigh the remaining hazard and risk has been reduced to ALARP.

How does Monte Carlo simulation contribute to quantitative risk assessment?

Answer: By running thousands of random scenarios to model the range and probability of possible outcomes when input variables are uncertain

Monte Carlo uses random sampling of input variable distributions to generate probability distributions of possible outcomes.

What is the purpose of a risk communication plan?

Answer: To systematically inform stakeholders about identified risks, their significance, and the measures being taken to manage them

A risk communication plan ensures relevant stakeholders are informed about risks in a timely, accurate, and understandable manner.

What is the significance of 'defense in depth' in risk management?

Answer: Implementing multiple independent layers of protection so no single failure leads to an unacceptable outcome

Defense in depth uses multiple, diverse, and independent layers of protection so that failure of any single layer is compensated by remaining layers.