Risk Assessment and Mitigation Flashcards

In a risk matrix, a hazard rated 'Catastrophic' severity and 'Remote' probability is typically classified as:

Answer: Medium risk requiring ALARP review

Catastrophic severity combined with remote probability typically falls in a medium or ALARP zone requiring further review before acceptance.

The primary purpose of a Fault Hazard Analysis (FHA) is to:

Answer: Identify hazardous conditions resulting from system or component failures

FHA systematically identifies hazardous conditions that arise when system elements fail, forming the basis for further safety analysis.

Which risk mitigation strategy involves transferring financial consequences of a risk to a third party?

Answer: Risk transfer

Risk transfer shifts the financial burden of a risk event to another party, such as through insurance or contractual agreements.

A Preliminary Hazard Analysis (PHA) is best performed:

Answer: During early concept or design phases

PHA is conducted early in the system life cycle to identify hazards before design decisions become costly to change.

In quantitative risk assessment, 'risk' is most precisely defined as:

Answer: The product of probability and consequence severity

Quantitative risk is formally defined as the product of failure probability and the magnitude of the resulting consequences.

Which of the following best describes the ALARP principle?

Answer: Risks should be reduced to as low as reasonably practicable given cost-benefit analysis

ALARP (As Low As Reasonably Practicable) requires risk reduction until further reduction would be grossly disproportionate to the benefit gained.

A risk register is used primarily to:

Answer: Document, track, and manage identified risks throughout a project

A risk register is a living document that records identified risks, their assessments, mitigation actions, and ownership for ongoing management.