ENERCON is proud to announce the launch of a new Midstream Probabilistic Risk Assessment (PRA) model, which provides the capability for improving upon existing Integrity Management Programs and defining risks for pipelines and other assets.
PRA models provide an integrated and quantifiable solution to the hazards and threat assessments as defined within an operators’ risk model. The use of PRA methodologies facilitates the computation of quantitative risk metrics that enable operators to objectively evaluate and understand risk across their assets and over time.
“PRA models are unique because they allow an operator to evaluate their risk using quantitative risk importance measures to really get a sense for the contribution of key contributors within their risk modeling framework,” said Jill Watson, Senior Probabilistic Analyst and Risk Engineer, ENERCON.
“These metrics then help organizations better understand their potential threats, but also and, maybe, more importantly, start to get a sense of the sensitivity of their model to risk drivers which can build confidence in their model and model outcomes. Good models that are well-vetted are what is required to facilitate risk-informed decision making and to communicate these risk results across their assets and organization.”
The requirements to assess risks using Probabilistic Risk Assessment (PRA) models and methodologies are currently required under regulations issued by other US regulatory authorities including the NRC and BSEE.
“The expectation is that in the future, PHSMA may similarly move towards more quantitative risk-based solutions in context with risk-informed regulations. Having worked in industries where advanced risk models are required by regulators, I encourage operators to take a position in front and begin to look for modes that enable you to make a clear decision and to select courses of action based on your models – models that provide your organization with more confidence in your decisions and adaptable to quickly respond to changing PHMSA requirements,” said Ms. Watson.
The evaluation and review of risk metrics derived from a PRA model provide the operator with focused and actionable solutions across their business.
ENTERPRISE-WIDE VISIBILITY TO RISK
Probabilistic risk metrics help organizations to better understand potential threats and facilitate risk-informed decision-making, and then communicate these risk results across their assets and within their organization systems. In addition, the analysis of parametric uncertainty, evaluation of model sensitivity, and benchmarking of key metrics can verify outcomes and validate operator models.
Utilization of pipeline risk metrics and insights support decision making within the operator’s other programs, including:
- Supply Chain
- Asset Integrity Management
- Enterprise Risk
- Operations and Control Room Management
ENERCON is a multi-discipline engineering and environmental services firm focused on delivering safe and efficient solutions for the power and industrial sectors. With a strong commitment to safety and operational excellence, we have been a leader in technical services for 38 years.
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