Interestingly, risk analysis can be expanded to full fledge risk management study. The risk management study also includes residual risk transfer, risk financing etc.
Stepwise, Risk Analysis will include:

• Hazards identification
• Failure modes and frequencies evaluation from established sources and    best practices.
• Selection of credible scenarios and risks.
• Fault and event trees for various scenarios.
• Consequences - effect calculations with work out from models.
• Individual and societal risks.
• ISO risk contours superimposed on layouts for various scenarios.
• Probability and frequency analysis.
• Established risk criteria of countries, bodies, standards.
• Comparison of risk against defined risk criteria.
• Identification of risk beyond the location boundary, if any.
• Risk mitigation measures.

The steps followed are need based and all or some of these may be required from the above depending upon the nature of site/plant.

Risk Analysis is undertaken after detailed site study and will reflect Chilworth exposure to various situations. It may also include study on frequency analysis, consequences analysis, risk acceptability analysis etc., if required. Probability and frequency analysis covers failure modes and frequencies from established sources and best practices for various scenarios and probability estimation.

Consequences analysis deals with selection of credible scenarios and consequences effect calculation including worked out scenarios and using software package.

Risk Acceptability Analysis:-

Risk acceptability analysis covers individual and societal risk, established risk criteria of countries, bodies and standards. ISO risk contours are super imposed on layout for various scenarios and risk against defined risk criteria are also compared.
The study will include effective suggestion on risk mitigation measures. These suggestions are practical, workable and take into account local constraints, if any.