Do your HAZOP and LOPA studies create value?
With a singular focus on operational risk management, our consulting practice obsesses over delivering insight to our clients. We zero-in on operational risk management to produce one of the greatest returns on investment.
Do you understand all of the subtle details that go into a successful risk analysis? Are you harnessing the immense knowledge and experience from your team? Wouldn't you want to make a good decision while faced with uncertainty?
This is your opportunity to tap into the #1 operational risk management firm for achieving clear insight and making better decisions, decisions that will shape the direction and success of your organization.
Icarus-ORM has a little ace up our sleeve that allows us to stand apart from other firms. It comes from our structured decision analysis approach backed by direct investment in technology and our consultants.
In addition to our strategic and tactical expertise, plausible recommendations which satisfy the most hazardous scenarios are examined.
The outcome: full sponsorship from all levels in the your organization, which in turn lets you better manage your operational risk and maximize the return on your assets.
If you are considering a consulting firm, contact our consultants and get inspired.
You can – and in theory you would be saving yourself some money. But stop for a second and think about the real costs of running a risk assessment.
Our system consistently produces better results, proven across projects in North America and around the world.
Most clients we deal with are perfectly capable operators, engineers and project managers, but the truth is the vast majority aren't risk experts and don’t come close to matching our results.
Risk management is not a complex process, but does require individuals to support and implement the basic principles on a continuing basis. Operational risk management provides a logical and systematic means of identifying and controlling risk. Icarus-ORM offers individuals and organizations powerful insights for increasing productivity and reducing accidents. Properly implemented, operational risk management will always enhance performance.
Ever experienced the wasted time of a risk analysis?
Despite the best intentions, most risk analysis procedures lack the structure, creativity and strategy required to make an impact on company value.
But it doesn't have to be this way at all. With Icarus-ORM as your trusted operational risk management adviser and counselor, you are hiring a team of diverse risk specialists that strengthen your team with specialized knowledge.
Fact is, most companies don’t harness the potential value creation of risk management. Think about it – when else do you have the chance to make a profound impact on long term results of your assets?
Why choose Icarus-ORM for your risk assessment, training and decision support?
Reason 1 – We guide our clients when to accept risks when the benefits outweigh the cost
Reason 2 – Our collectively exhaustive approach ensures our client accepts no unnecessary risks
Reason 3 – We use foresight as a tool to anticipate and manage risk
Reason 4 – The information presented ensures companies make good decisions at the right level
Did you know that process hazard analysis (PHA) alone will never reduce your risk?
Neither will a list of recommendations. In fact the only thing that will reduce risk is by acting on the decisions that are sustainable for your operation.
So why do managers still expect the risk assessment to take too long and add too little value?
Risk assessment can extract a plethora of information.
This is exactly why Icarus-ORM is solely focused on operational risk management and the best practices that help our clients have real conversations with the people who have the most to gain from the study. Our aim is to deploy the best professionals that provide the capability to lead a multi-disciplinary team.
Organizations today must understand that they can no longer operate by luck and complacency . Our job as risk management consultants is to empower your decision makers with insights so they can confidently commit resources to manage risk.
Don’t hire us if you expect the same old approach.
Quite simply it would be a waste of your money. Our risk management professionals work as your extended resource group. Listed below is a partial set of services that we offer to our clients, recognizing that every risk assessment is designed around specific of your needs and objectives.
Risk Assessment Services:
Hazard and Operability studies (HAZOP)
Layer of Protection Analysis (LOPA)
Quantitative Risk Assessment (QRA)
If our operational risk management approach resonates with you, please contact us today and ask how this might apply to your organization.
Once the risk assessment has identified there are certain operational risks your organization are not willing tolerate, investment in a safety system might be sensible.
Do you have a safety instrumented function (SIF) you can depend on? And how can IEC 61508 and IEC 61511 help?
And what does “dependable” mean for your operation?
Your safety system should be reliable enough to function correctly over a given period of time and under certain operating conditions. The system needs to be available when you need it the most. It needs to fail in a safe state so the system does not increase your risk when it malfunctions. The system needs to have the capability to detect failures and signal operators to take action. And finally the safety system needs to be maintainable to prevent unnecessary strain on operation.
Design a safety system that protects and creates value
Icarus-ORM is focused on providing clients strategic counsel on safety system specifications. We set operators at the center of stakeholder discussions because their first-hand experience will influence a safe and productive facility.
Explore the impacts that operational change have on the system integrity
Throughout the life-cycle, the system will go through changes. Icarus-ORM delivers a simple-to-use, dynamic visualization tool to help you understand impacts of operational change on the system integrity.
Do you have the confidence in your risk analysis to make a critical decision on your strategic assets?
Do you really understand how your decisions impact your company’s financial performance? Are you harnessing the immense potential of your company’s knowledge and experience to monitor risk? Wouldn't your business unit performance be vastly different if you understood the information from a risk/reward perspective?
If you don’t accurately understand the risk of your operation, then your business is effectively running a marathon wearing a blindfold.
It is imperative to consider the gap between how important a risk is and how well it is being managed. A gap between the two may indicate room for improvement and/or that the risk is currently under-managed. A risk can also be over-managed, in which case resources could be allocated to more important issues. Over-management of a risk may be the result of a conscious decision by management, for example, protection of the brand or reputation may be a priority. However, you are spending more to control a risk than it could ever cost if it materialized.
What is the return on investment from your risk management program?
Strictly from a business perspective, the reduction of losses achieved by investment in risk reduction measures should exceed the life cycle cost. The decision to protect an asset with additional safeguards can be done through financial analysis of a cash flow time series. Icarus-ORM can guide you through your investment decisions with comprehensive cost benefit analysis.
How can Icarus-ORM help?
Many risks in operation are highly correlated – that is, if one materializes, others are likely to do the same simultaneously or in the near feature. Icarus-ORM can help companies understand and map these risks/correlations and develop relevant scenarios and mitigation strategies to ensure organizational resilience. Icarus-ORM provides insights into financial impact, exposure to reputation damage, accidents and safety.
How does Operational Risk Management fit in with Enterprise Risk Management?
Enterprise Risk Management (ERM) is a comprehensive framework for addressing the volatility associated with many factors: overall operational and financial variables, expected trends in supply and demand, macroeconomic variables, and exposures to commodity prices, interest rates, exchange rates, and credit markets.
Operational Risk Management is a subset of Enterprise Risk Management. Identifying operational risk between those caused by internal and external factors, and putting the right management team in place is the key to successfully implementing an effective risk management strategy.
“If you think training is expensive, try ignorance."
So who can you depend on, really?
Operational risk management requires that the multitude of disciplines, decisions, and decision makers work in harmony in order to be effective.
How can Icarus-ORM training help your performance?
Risk management training typically fails to produce results because there can be a lack of relevance. This isn’t because your employees lack the knowledge or skills sets but because many course providers do not understand how adults learn.
At Icarus-ORM we understand adults learn best when:
- they understand why something is important to know or do
- they have different learning styles – Visual (by seeing), Auditory (by listening) or Kinesthetic (by doing)
- they are engaged in the learning experience
- they are ready and willing to learn
- they are in a positive and encouraging environment
Our training aims to enhance better decision making.
At time where the industry is looking to reduce the length of the “on-the-job” training period, effective learning is critical to effective operational risk management.
Help us help you
Sit down think about the risk management maturity of your team. Then send Icarus-ORM an email in confidence and we will walk you through the training process.
Acquire an overview of the best practices for making smarter, better, and more insightful decisions including these methods used in the oil and gas industry:
Hazard and Operability Study (HAZOP) - a collaborative approach that effectively identifies and evaluates risk in a process
Layer of Protection Analysis (LOPA) – a collaborative approach to address risk acceptance with explicit enterprise risk tolerance
Safety Integrity Level (SIL) - a system design approach to reduce risks with automation
Learn how to:
- Frame a risk-based decision appropriately
- Exhaustively identify risks
- Generate operationally sustainable design changes
- Quantify uncertainty using probability
- Structure and evaluate decisions using HAZOP and LOPA to determine the best alternative and communicate evaluation results
- Basics of Safety Integrity Level (SIL)
- Build decision competency into an organization
The certificate in Process Hazard Analysis that demonstrates an ability to make effective critical decisions — a skill that helps make project managers, engineers, and operators indispensable.
- Ability to read a piping and instrumentation diagrams
Process Hazard Analysis Overview
Collaborative Decision Making
Risk Matrix as the Decision Criteria
Hazard and Operability Study (HAZOP) Overview
Case Study: HAZOP on conventional oil and gas process
Layer of Protection Analysis (LOPA) Overview
Integration of HAZOP with LOPA
Tolerable Frequencies as the Decision Criteria
Case Study: LOPA on conventional oil and gas process
Basics of Safety Integrity Level (SIL)
Evaluation of Decision Quality
Role of a Facilitator
Case Study: HAZOP and LOPA on heavy oil process
Case Study: HAZOP and LOPA of oil storage facility
Executing a PHA
Case Study: HAZOP and LOPA participant’s specific process