Definition(s)
Risk Analysis
The systematic examination of the components and characteristics of risk.
Source: API RP 781 Security Plan Methodology for the Oil and Natural Gas Industries.1st Ed. September 2016. Global Standards
Risk Analysis
The systematic examination of the components and characteristics of risk.
Related Term(s): risk assessment, risk
From: DHS Risk Lexicon.
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 Analysis
Systematic examination of the components and characteristics of risk.
Source:API STANDARD 780, Security Risk Assessment Methodology for the Petroleum and Petrochemical Industries, First Edition, May 2013. Global Standards
Risk Analysis
Systematic examination of the components and characteristics of risk.
Sample Usage: Using risk analysis, the community identified the potential consequences from flooding.
Annotation: In practice, risk analysis is generally conducted to produce a risk assessment. Risk analysis can also involve aggregation of the results of risk assessments to produce a valuation of risks for the purpose of informing decisions. In addition, risk analysis can be done on proposed alternative risk management strategies to determine the likely impact of the strategies on the overall risk.
Source: DHS Risk Lexicon, U.S. Department of Homeland Security, 2010 Edition. September 2010 Regulatory Guidance
Risk Analysis
Systematic uses of information to identify hazards and to estimate risk.
Other Related Terms and Definitions:
ISO Guide 73 – Systematic uses of information to identify source and to estimate risk
ISO-17776 – Use of available information to identify hazards and to estimate risk.
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 Analysis
Process to comprehend the nature of risk (1.1) and to determine the level of risk (3.6.1.8).
NOTE 1 Risk analysis provides the basis for risk evaluation (3.7.1) and decisions about risk treatment (3.8.1).
NOTE 2 Risk analysis includes risk estimation.
Source: ISO Guide 73:2009(E/F), Risk Management – Vocabulary, First Edition, 2009. Global Standards
Risk Analysis
Use of available information to identify hazards and to estimate risk.
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 Analysis
“Risk analysis” means the systematic use of information to identify hazards and to estimate the chance for, and severity of the hazard with respect to worker health and safety.
Source: Nova Scotia Offshore Petroleum Occupational Health & Safety Requirements, Canada-Nova Scotia Offshore Petroleum Board, Canada, December 2000. Regulations
Risk Analysis
Systematic use of available information to identify hazards and to estimate the risk.
Source: ISO/IEC Guide 51:1999, Safety aspects – Guidelines for their inclusion in standards, Global Standards