Tackling specifics of pipeline risk in bite-sized portions to make this challenging subject more approachable. Troubles with Weightings There is currently great disparity in approaches and level of rigor applied to risk assessment by pipeline operators. This is largely due to the absence of complete standards or guidelines covering this complex topic. The disparity leads […]
Author: WKM Staff
Formal Risk Assessment—Is it helping me?
Ever consider that true risk management sometimes occurs only at the lower levels of some pipeline organizations? That is, personnel performing field activities are in effect setting risk levels for the company. Their choices of day-to-day activities are essentially driving risk management and thereby establishing corporate risk levels. This is not just theoretical—real choices are […]
Measuring Failure Potential—What is Attacking?
How Effective are Defenses? Can it Survive? In several previous columns, we have noted the need for a very specific approach to measuring failure probability (PoF). Three factors must be independently measured/estimated in order to fully understand PoF. Let’s explore those factors a bit deeper here. Regardless of the definition of ‘failure’ being used, failure […]
Myth Busting—I don’t have enough data (Part 2)
In the first part of this discussion, we hopefully dispelled some myths about low data availability. We discussed how reasoning is used to generate data and how many useful pieces of risk insight emerge from even simple pieces of knowledge. We also contrasted a statistical approach to risk assessment with a physics based approach. The […]
Pipeline Risk Assessment: Threat Interaction—A Case of Confusing Terminology
As we continue this exploration of pipeline risk assessment, let’s tackle some terminology obstacles. Pipeline risk assessment is a challenging topic on its own, so added confusion from terminology is most unwelcome. Background In some recent regulatory initiatives, a criticism has arisen regarding some pipeline operators’ failure to properly account for ‘threat interaction’ in their […]
Pipeline Risk Assessment—Myth Busting Part 1
In the first installment of this column, we introduced the concept of pipeline risk assessment Essential Elements. This is a list of ingredients that arguably must be included in any pipeline risk assessment. In this installment, let’s examine “I can’t do good RA because I don’t have enough data.” There are at least two aspects […]
Pipeline Risk Assessment—Controlling the Bias
In the first installment of this column, we introduced the concept of pipeline risk assessment Essential Elements. This is a list of ingredients that arguably must be included in any pipeline risk assessment. Last time, we covered one of these essential elements—the need for measurements. This time, we address another essential element, closely related to […]
Pipeline Risk Assessment—A Measurement Tool
Last time, we introduced the concept of essential elements for pipeline risk assessment. These are the “let’s all get on the same page” aspects that every risk assessment should have in common. An important Essential Element calls for the use of measurements instead of any other kind of rating scheme (eg, indexes, points, scores, descriptors, […]
PL Risk Management—The Essential Elements of Risk Assessment
As the desire for more robust pipeline risk management grows, so too does the need for superior risk assessment. A formal risk assessment provides the structure to increase understanding, reduce subjectivity, and ensure that important considerations are not overlooked. Associated decision-making is therefore more consistent and reliable when formal techniques are used. But has pipeline […]
The economics of acceptable risk
While avoiding the many nuances of ‘acceptable’ vs ‘tolerable’ risk and ‘How safe is safe enough?’ issues, let’s scratch the surface of setting, moving towards, or sustaining a target risk level. We begin with a premise that risk reduction is sought for some asset or collection of assets. We explore the risk reduction opportunities with […]