Physical Risk Management

This chapter deals primarily with physical risk management. Risk financing is indicated in the model to show its importance in the risk management process, but will not be discussed in this manuscript. 

Physical risk management consists of identifying and assessing of risks and introducing the necessary controls to reduce these risks or minimize their consequences. 

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The two main components of risk manag ent are physical risk management and risk financing. As indicated in Model 7.1, physical risk management consists of risk... 

If we can t live with the risk, what can we do about it Risk control is the second step of physical risk management after the risk assessment. 

Physical risk management consists of assessing the risks and then controlling them. Risk assessment consists of ... 

Companies will be required to provide information on the identity and properties of a compound (including physical, chemical, toxicological, and ecotoxicological properties), the intended uses, the estimated human and environmental exposure, risks for humans and the environment, and proposals for risk management measures. Information requirements will depend largely on production volumes, but might be adjusted based on the intrinsic properties and conditions of use of individual substances. 

Risk assessment is a multi-step process to relate the association of exposure to a chemical or physical agent with adverse outcome. Initially the focus was human health but now it has broadened to include wider environmental and ecological concerns. Risk management is a more overtly political process directed at determining an action based on relevant public and environmental health goals, cost, societal issues, and other related or even unrelated issues. An important part of risk management is balancing the risks, costs, and benefits - never an easy task. 

In the future, economic risk evaluation will guide the hydrate-plugging prevention philosophy. It is important to note that phase equilibria thermodynamics provide the current paradigm of hydrate avoidance, but risk management is in the domain of time-dependent phenomena or physical hydrate kinetics. The experience base with hydrate plugs and their remediation impacts the economic need for large amounts of insulation and/or thermodynamic inhibitors. 

After years of experiments and the nonetheless effective use of these tools making it possible to refine and systematically optimise control of facilities, the tools due to increased performance and possibilities made available by software and other computer equipment, has been improved by increasing the calculation horizon, beyond two gas years by using adapted models (closer to classic reservoir models by taking into account a simplified physical representation). At the present stage with R D works still continuing, they now include more and more complexity (risk management, stochastic simulations, etc), and works are focused on ... 

Extrapolations are integral to all forms of risk assessment and to all levels of refinement in the risk assessment process. Short of testing all combinations and permutations in physical experiments, it is not possible to conduct risk assessments and make risk management decisions without using extrapolations to one degree or another. 

The assessment, management and communication of risk typically forms three separate (but interlinked) processes (Figure 2.4a) [159, 160]. Certain aspects of risk assessment are purely scientific (e.g., physical chemistry tests) and some aspects of risk management are only technical (e.g., product standards), but overlaps do occur (Figure 2.4b). For instance, risk management options generally determine the depth and scope of the risk assessment24 [161]. 

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