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Definition(s)

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Risk

The product of the likelihood and the consequence of a threat being realized. Source:  DNVGL-RP-G108, Cyber security in the oil and gas industry based on IEC 62443, DNV GL, September 2017. Global Standards

Risk

Combination of the consequences of an event and the associated likelihood of its occurrence.

Source: ISO 16530-1:2017, Petroleum and natural gas industries — Well integrity – Part 1: Life cycle governance, First Edition, March 2017. Global Standards  

Risk

Combination of the probability of occurrence of harm and the severity of that harm

• Note 1 to entry: A more general definition of risk is given in ISO Guide 73:2009 and is “effect of uncertainty” where:
  • an effect is a deviation from the expected, and
  • uncertainty is a state of having limited knowledge where it is impossible to exactly describe the existing state and future outcomes.

[SOURCE: ISO/IEC Guide 51:2014, 3.9, modified, Note 1 to entry has been replaced with another note.] Source: ISO 17776:2016, Petroleum and natural gas industries — Offshore production installations — Major accident hazard management during the design of new installations, Second Edition, December 2016. Global Standards  

Risk

The potential for damage to or loss of an asset. Source: API RP 781 Security Plan Methodology for the Oil and Natural Gas Industries.1^st Ed. September 2016. Global Standards  

Risk

The potential for an unwanted or adverse outcome resulting from an incident, event, or occurrence, as determined by the likelihood that a particular threat will exploit a particular vulnerability, with the associated consequences. Adapted from: DHS Risk Lexicon, NIPP and adapted from: CNSSI 4009, FIPS 200, NIST SP 800-53 Rev 4, SAFEBioPharma Certificate Policy 2.5. Source: NICCS™ Portal Cybersecurity Lexicon, National Initiative for Cybersecurity Careers and Studies (https://niccs.us-cert.gov/glossary) as of 11 November 2015, Global Standards  

Risk

Combination of the probability of occurrence of harm and the severity of that harm. [SOURCE: ISO/IEC Guide 51:2014] Source: ISO 13702:2015, Petroleum and natural gas industries — Control and mitigation of fires and explosions on offshore production installations — Requirements and guidelines, Second Edition, August 2015. Global Standards

Risk

A measure of potential injury, environmental damage, or economic loss in terms of both the incident likelihood and the severity of the loss or injury.

• NOTE: API 752 [10] provides additional discussion of risk.

Source: API STD 521, Pressure-relieving and Depressuring Systems, Sixth Edition, January 2014. Global Standards

Risk

Effect of uncertainty on objectives. [SOURCE: ISO Guide 73:2009]

• Note 1 to entry: An effect is a deviation from the expected — positive or negative.
• Note 2 to entry: Uncertainty is the state, even partial, of deficiency of information related to, understanding or knowledge of, an event, its consequence, or likelihood.
• Note 3 to entry: Risk is often characterized by reference to potential events and consequences, or a combination of these.
• Note 4 to entry: Risk is often expressed in terms of a combination of the consequences of an event (including changes in circumstances) and the associated likelihood of occurrence.
• Note 5 to entry: In the context of information security management systems, information security risks can be expressed as effect of uncertainty on information security objectives.
• Note 6 to entry: Information security risk is associated with the potential that threats will exploit vulnerabilities of an information asset.

Source: ISO/IEC 27000:2014, Information technology — Security techniques — Information security management systems — Overview and vocabulary, Third Edition, January 2014. Global Standards  

Risk

The combination of likelihood (frequency) and severity (consequence) of potential adverse impacts, from actions or events, on the environment or people. (IPIECA, 2010) Source: Identifying and assessing water sources: Guidance document for the onshore oil and gas industry, International Petroleum Industry Environmental Conservation Association (IPIECA), 2014. Global Standards  

Risk

Situation or circumstance that has both a likelihood of occurring and a potentially negative consequence. Source: API SPEC Q1, Specification for Quality Management System Requirements for Manufacturing Organizations for the Petroleum and Natural Gas Industry, Ninth Edition, June 2013 (Errata 2, March 2014). Global Standards Source: API Spec Q2, Specification for Quality Management System Requirements for Service,  Supply Organizations for the Petroleum and Natural Gas Industries, Upstream Segment, First Edition, December 2011. Global Standards  

Risk

The product of the chance that a specific adverse event will occur and the severity of the consequences of the event. Source: IOGP Report No. 510, Operating Management System Framework for controlling risk and delivering high performance in the oil and gas industry, International Association of Oil & Gas Producers, June 2014. Global Standards

Risk

The potential for damage to or loss of an asset. Risk, in the context of security, is the potential for a negative outcome to be realized from an intentional act. For chemical and petroleum facilities, examples of the catastrophic outcomes that are typically of interest include an intentional release of hazardous materials to the atmosphere, the theft of hazardous materials that could later be used as improvised weapons, the contamination of hazardous materials that may later harm the public, or the economic costs of the damage or disruption of a process. For the API SRA methodology, risk can be expressed as:

• existing risk-the estimate of risk with existing countermeasures (R₁)-and
• proposed risk-the estimate of risk with the addition of proposed countermeasures (R₂).

Source:API STANDARD 780, Security Risk Assessment Methodology for the Petroleum and Petrochemical Industries, First Edition, May 2013. Global Standards  

Risk

Probability and consequences of exposure to a hazard, hazardous environment, or situation that could result in harm to personnel, the environment, or general public. Source: API RP 98, Personal Protective Equipment Selection for Oil Spill Responders, First Edition, August 2013. Global Standards  

Risk

Effect of uncertainty on objectives. <ISO 31000>

• NOTE 1 An effect is a deviation from the expected-positive and/or negative.
• NOTE 2 Objectives can have different aspects (such as health, safety, and environmental goals) and can apply at different levels (such as strategic, organization-wide, project, and process).
• NOTE 3 Risk is often characterized by reference to potential events and consequences, or a combination.
• NOTE 4 Risk is often expressed in terms of a combination of the consequences of an event (including changes in circumstances) and the associated likelihood of occurrence.

Source: API  Bulletin 97, Well Construction Interface Document Guidelines, First Edition, December 2013. Global Standards  

Risk

'Risk' means the combination of the probability of an event and the consequences of that event. Source: DIRECTIVE 2013/30/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 12 June 2013 on safety of offshore oil and gas operations and amending Directive 2004/35/EC. Legislation  

Risk

Risks as mentioned in the second subsection, may include accumulation of flammable gases, risk of increased explosion pressure and potential reduced access for firefighting. Source: Guidelines Regarding the Facilities Regulations, Norway, updated December 2012. Regulatory Guidance  

Risk

Risk means a combination of probability and consequence. In the area of health, safety and working environment, this means a combination of probability of harm and the degree of severity of the harm in the form of fatalities, personal injuries or other health hazards, reduction in health condition or loss of financial assets. Source: Guidelines Regarding the Framework Regulations, Norway, updated December 2012. Regulatory Guidance  

Risk

Risk means the likelihood of a specific, undesired, event occurring within a specific period or in specified circumstances. Note A risk may be understood as a frequency (the number of specified events occurring within a period) or a probability (the likelihood of a specific event following another event). Source: Offshore Petroleum and Greenhouse Gas Storage (Resource Management and Administration) Regulations 2011 (Select Legislative Instrument 2011 No. 54 as amended), Australia, prepared on 1 January 2012. Regulations

Risk

The probability of exposure to a hazard which could result in harm to personnel, property, the environment or general public. API RP 2009, Safe Welding, Cutting, and Hot Work Practices in the Petroleum and Petrochemical Industries, Seventh Edition, February 2002 (Reaffirmed, March 2012), Global Standards API RP 2201, Safe Hot Tapping Practices in the Petroleum & Petrochemical Industries, Fifth Edition, July 2003 (Reaffirmed October 2010), Global Standards  

Risk

A measure of probability and severity of a hazard. Source: Incident Reporting and Investigation Guidelines, The Canada-Nova Scotia Offshore Petroleum Board and Canada-Newfoundland and Labrador Offshore Petroleum Board, Canada, November 30, 2012. Regulatory Guidance Source:  Nova Scotia Offshore Petroleum Occupational Health & Safety Requirements, Canada-Nova Scotia Offshore Petroleum Board, Canada, December 2000. Regulations  

Risk

Effect of uncertainty on objectives

• NOTE:   Adapted from ISO Guide 73:2009, definition 1.1.

Source: ISO 19011:2011 (E) – Guidelines for auditing management system. Global Standards  

Risk

The probability that a particular undesirable event will result in a specific consequence, measured in terms of a combination of the consequences of an event and the likelihood of the event occurring (AS/NZS 4360). E.g. The likelihood that exposure to harmful noise levels and/or ototoxins will result in hearing loss. Source: NOPSEMA Guidance Note: Noise Management—Principles of Assessment and Control, N-09000-GN0401, Australia, Revision 3, December 2011. Regulatory Guidance  

Risk

The qualitative or quantitative likelihood of an accidental or unplanned event occurring considered in conjunction with the potential consequences of such a failure. In quantitative terms, risk is the quantified probability of a defined failure mode times its quantified consequence. Source: Offshore Standard DNV-OS-C101, Design of Offshore Steel Structures, General (LRFD Method, Det Norske Veritas, April 2011. Global Standards Source: Verification of Lifting Appliances for the Oil and Gas Industry, DNV-OSS-308, October 2010, Det Norske Veritas AS, Global Standards  

Risk

In this context, “risk” means both risk to individuals in question, and any risk their impaired function may pose to the safety of other personnel, the installation or to the environment. Source: Safety Plan Guidelines, The Canada-Newfoundland and Labrador Offshore Petroleum Board, Canada-Nova Scotia Offshore Petroleum Board, and National Energy Board, Canada, March 31, 2011. Regulatory Guidance Source: Rules for Classification and Construction, IV Industrial Services, 6 Offshore Technology, 9 Guideline for Personnel Transfers by Means of Lifting Appliances, Edition 2011, Germanischer Lloyd SE, Global Standards  

Risk

Potential for an unwanted outcome resulting from an incident, event, or occurrence, as determined by its likelihood and the associated consequences Sample Usage: The team calculated the risk of a terrorist attack after analyzing intelligence reports, vulnerability assessments, and consequence models. Extended Definition: potential for an adverse outcome assessed as a function of threats, vulnerabilities, and consequences associated with an incident, event, or occurrence Annotation:

1. Risk is defined as the potential for an unwanted outcome. This potential is often measured and used to compare different future situations.
2. Risk may manifest at the strategic, operational, and tactical levels.
3. For terrorist attacks or criminal activities, the likelihood of an incident, event, or occurrence can be estimated by considering threats and vulnerabilities.

Source: DHS Risk Lexicon, U.S. Department of Homeland Security, 2010 Edition. September 2010. Regulatory Guidance  

Risk

Combination of the probability of occurrence of a consequence and the severity of that consequence. Other Related Terms and Definitions: ISO Guide 73 – Combination of the probability of an event and its consequences. ISO-17776 – Combination of probability of an event and the consequences of the event. IADC HSE Case Guidelines Issue 02 – Means the likelihood that a specified undesired event will occur due to the realization of a hazard by, or during, activities, or by the products and services created by activities.  The combination of the frequency, or probability, and the consequence of a specified hazardous event. Source: International Association of Drilling Contractors, Appendix 2 to Health, Safety and Environment Case Guidelines for Offshore Drilling Contractors, Issue 3.3.2, February 2010. IADC Guidelines

Risk

Probability of harm to be caused to people's life or health, natural persons' or legal entities' property, state or municipal property, the environment, the life or health of animals and plants taking account of the gravity of this harm. Source: Federal Law on Technical Regulation, No. 184-FZ, Russian Federation, December 2002 (amended September 2010). Regulations  

Risk

The measure of potential damage to or loss of an asset based on the probability of an undesired occurrence. Source: Canadian Standards Association, Z246.1-09, Security management for petroleum and natural gas industry systems, August 2009, Regional Standards  

Risk

The probability and consequences of exposure to a hazard, hazardous environment or situation which could result in harm. Source: API Standards 2217A, Guidelines for Safe Work in Inert Confined Spaces in the Petroleum and Petrochemical Industries, Fourth Edition, July 2009. Global Standards  

Risk

Effect of uncertainty on objectives.

• NOTE 1 An effect is a deviation from the expected —positive and/or negative.
• NOTE 2 Objectives can have different aspects (such as financial, health and safety, and environmental goals) and can apply at different levels (such as strategic, organization-wide, project, product and process).
• NOTE 3 Risk is often characterized by reference to potential events (3.5.1.3) and consequences (3.6.1.3), or a combination of these.
• NOTE 4 Risk is often expressed in terms of a combination of the consequences of an event (including changes in circumstances) and the associated likelihood (3.6.1.1) of occurrence.
• NOTE 5 Uncertainty is the state, even partial, of deficiency of information related to, understanding or knowledge of, an event, its consequence, or likelihood.

Source: ISO Guide 73:2009(E/F), Risk Management – Vocabulary, First Edition, 2009. Global Standards  

Risk

A combination of the chance that a specified undesired event will occur and the severity of the consequences of that event (ISO 15544). Source: NOGEPA Industrial Guideline No. 7, Rescue at Sea, Netherlands, Version 0, January 2008. Global Standards  

Risk

Combination of the probability of an event and the consequences of the event. Source: ISO 20815:2008, Petroleum, petrochemical and natural gas industries – Production assurance and reliability management. Global Standards Source: ISO 17776:2000, Petroleum and natural gas industries – Offshore production installations – Guidelines on tools and techniques for hazard identification and risk assessment. Global Standards  

Risk

Expectation of loss expressed as the probability that a particular threat will exploit a particular vulnerability with a particular consequence [11]. Source: ANSI/ISA–99.00.01–2007, Security for Industrial Automation and Control Systems, Part 1: Terminology, Concepts, and Models, 29 October 2007. National Standard  

Risk

Risk is a term in general usage to express the combination of the likelihood that a specific hazardous event will occur and the consequences of that event. Using this definition, the level of risk may be judged by estimating the likelihood of the hazardous event that can occur and the consequence that may be expected to follow from it. Source: API STD 689, Collection and Exchange of Reliability and Maintenance Data for Equipment, First Edition, July 2007. Global Standards  

Risk

Combination of the chance that a specified hazardous event will occur and the severity of the consequences of the event. Source: ISO 15544:2000, Petroleum and natural gas industries – Offshore production installations – Requirements and guidelines for emergency. Global Standards  

Risk

Combination of the probability of occurrence of harm and the severity of that harm. Source: ISO/IEC Guide 51:1999, Safety aspects – Guidelines for their inclusion in standards, Global Standards  

Risk

A risk is the possibility that someone will be harmed by an identified hazard. The extent of the risk includes the numbers of people who might be affected by the risk. Source: Commercial Diving Projects Offshore, Diving at Work Regulations 1997, Approved Code of Practice (UK HSE L103), First Edition, 1998. Regulatory  

Risk

The product of the chance that a specified undesired event will occur and the severity of the consequences of the event. Source: OGP Report No. 6.36/210, Guidelines for the Development and Application of Health, Safety and Environmental Management Systems, International Association of Oil & Gas Producers, July 1994. Global Standards  

Risk

The likelihood of an undesired event with specified consequences occurring within a specific period or in specified circumstances. It is numerically expressed as a frequency or as a probability. Source: Approved Code of Practice for Managing Hazards to Prevent Major Industrial Accidents, Health and Safety in Employment Act 1992, Department of Labour, New Zealand, July 1994. Regulatory Guidance  

Risico (Dutch)

„risico”: de combinatie van de waarschijnlijkheid van een gebeurtenis en de gevolgen van de gebeurtenis;. Source: DIRECTIVE 2013/30/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 12 June 2013 on safety of offshore oil and gas operations and amending Directive 2004/35/EC. Legislation  

Risque (French)

«risque», la combinaison de la probabilité d’un événement et des conséquences de cet événement;. Source: DIRECTIVE 2013/30/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 12 June 2013 on safety of offshore oil and gas operations and amending Directive 2004/35/EC. Legislation  

Risiko (Danish)

»risiko«: kombinationen af sandsynligheden for en hændelse og konsekvenserne af denne hændelse. Source: DIRECTIVE 2013/30/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 12 June 2013 on safety of offshore oil and gas operations and amending Directive 2004/35/EC. Legislation  

Riesgo (Spanish)

«riesgo»: la combinación de la probabilidad de un suceso y de sus consecuencias;. Source: DIRECTIVE 2013/30/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 12 June 2013 on safety of offshore oil and gas operations and amending Directive 2004/35/EC. Legislation  

Risc (Romanian)

„risc” înseamnă combinația dintre probabilitatea unui eveniment și consecințele evenimentului respectiv;. Source: DIRECTIVE 2013/30/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 12 June 2013 on safety of offshore oil and gas operations and amending Directive 2004/35/EC. Legislation  

Risiko (German)

„Risiko“ die Kombination aus der Wahrscheinlichkeit eines Ereignisses und seinen Folgen. Source: DIRECTIVE 2013/30/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 12 June 2013 on safety of offshore oil and gas operations and amending Directive 2004/35/EC. Legislation  

κίνδυνος (Greek)

«κίνδυνος» σημαίνει τον συνδυασμό της πιθανότητας ενός συμβάντος και των επιπτώσεων του εν λόγω συμβάντος. Source: DIRECTIVE 2013/30/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 12 June 2013 on safety of offshore oil and gas operations and amending Directive 2004/35/EC. Legislation  

Rischio (Italian)

«rischio»: la combinazione della probabilità di un evento e delle conseguenze di tale evento. Source: DIRECTIVE 2013/30/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 12 June 2013 on safety of offshore oil and gas operations and amending Directive 2004/35/EC. Legislation  

Ryzyko (Polish)

„ryzyko” oznacza połączenie prawdopodobieństwa wystąpienia danego zdarzenia ze skutkami tego zdarzenia. Source: DIRECTIVE 2013/30/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 12 June 2013 on safety of offshore oil and gas operations and amending Directive 2004/35/EC. Legislation  

Risco (Portuguese)

«Risco», a combinação da probabilidade de um evento e das consequências desse evento. Source: DIRECTIVE 2013/30/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 12 June 2013 on safety of offshore oil and gas operations and amending Directive 2004/35/EC. Legislation  

Risk (Swedish)

risk: en kombination av sannolikheten för en händelse och konsekvenserna av händelsen.. Source: DIRECTIVE 2013/30/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 12 June 2013 on safety of offshore oil and gas operations and amending Directive 2004/35/EC. Legislation  

Riskillä (Finnish)

’riskillä’ tarkoitetaan tapahtuman todennäköisyyden ja kyseisen tapahtuman seurausten yhdistelmää;. Source: DIRECTIVE 2013/30/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 12 June 2013 on safety of offshore oil and gas operations and amending Directive 2004/35/EC. Legislation  

Tveganje (Slovenian)

„tveganje“ pomeni kombinacijo verjetnosti dogodka in njegovih posledic;. Source: DIRECTIVE 2013/30/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 12 June 2013 on safety of offshore oil and gas operations and amending Directive 2004/35/EC. Legislation  

Riziko (Slovak)

„riziko“ je kombinácia pravdepodobnosti udalosti a následkov tejto udalosti;. Source: DIRECTIVE 2013/30/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 12 June 2013 on safety of offshore oil and gas operations and amending Directive 2004/35/EC. Legislation  

Rizika (Lithuanian)

rizika – įvykio tikėtinumo ir to įvykio padarinių derinys;. Source: DIRECTIVE 2013/30/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 12 June 2013 on safety of offshore oil and gas operations and amending Directive 2004/35/EC. Legislation  

Kockázat (Hungarian)

„kockázat”: valamely esemény valószínűségének és következményeinek a kombinációja;. Source: DIRECTIVE 2013/30/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 12 June 2013 on safety of offshore oil and gas operations and amending Directive 2004/35/EC. Legislation  

Riskju (Maltese)

'‧riskju‧ tfisser il-kombinazzjoni tal-probabbiltà li jseħħ avveniment u tal-konsegwenzi ta' dak l-avveniment;. Source: DIRECTIVE 2013/30/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 12 June 2013 on safety of offshore oil and gas operations and amending Directive 2004/35/EC. Legislation  

Risks (Latvian)

“risks” ir kāda notikuma varbūtības un minētā notikuma seku apvienojums;. Source: DIRECTIVE 2013/30/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 12 June 2013 on safety of offshore oil and gas operations and amending Directive 2004/35/EC. Legislation  

Risk (Estonian)

„risk”– vahejuhtumi toimumise tõenäosuse ja selle tagajärgede kombinatsioon;. Source: DIRECTIVE 2013/30/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 12 June 2013 on safety of offshore oil and gas operations and amending Directive 2004/35/EC. Legislation  

Rizikem (Czech)

„rizikem“ kombinace pravděpodobnosti události a jejích následků;. Source: DIRECTIVE 2013/30/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 12 June 2013 on safety of offshore oil and gas operations and amending Directive 2004/35/EC. Legislation  

риск (Bulgarian)