Track 2 Session 9

8:00 to 9:00 a.m. Friday March 30, 2012

Risk-Based Verification (RBV) of Large Engineering Systems

Risk-based verification (RBV) provides a cost-effective approach for maintaining necessary safety levels for the life cycle of an asset. It provides a cost-effective solution in facilitating a risk-based regime in many industrial sectors. This presentation describes the reasons behind introducing a risk-based verification scheme for effective operation of large engineering systems. Major steps in a general risk-based verification scheme are described with particular emphasis on safety-critical elements and their risk management. An offshore installation is used to demonstrate how a risk-based verification scheme is implemented with detailed performance standards given. The risk management software THESIS (The Health, Environment and Safety Information System) is used to implement the risk-based verification scheme with the aim of providing the attendee with a flavour of how safety data can be managed. The presentation also highlights both benefits and limitations of risk-based verification for engineering applications.

Key Words: Risk-Based Verification, Risk Management, Effective Operations, Safety Critical Elements, Large Engineering Systems, Performance Standard

Jin Wang and Ben Matellini

Liverpool John Moores University