Risk-Reduction Alternatives

For all risk measures it is possible to estimate the risk level of the current process as well as the risk levels from incorporation of various risk reduction alternatives. Management can then use this information as an important input in the final risk decision-making process. 

Hendershot, D. C. (1988). Risk Reduction Alternatives for Hazardous Material Storage. Proc. 1988 Hazardous Materials Spills Conference, May 16-19, 1988, Chicago, III., 611-618. New York American Institute of Chemical Engineers. 

In many cases, various risk-reduction alternatives will result in a tolerable level of risk. Cost-benefit analysis can be a useful tool in evaluating alternative approaches. Costs are generally straightforward and easy to estimate however, estimating benefits may be more difficult, requiring assumptions that allow all benefits to be expressed using a common basis, usually monetary. 

Avoiding one risk may create a new risk net risk is always a consideration. Thus, the risk assessment analyses trade-off in risk, compares risk levels, and evaluates cost-effectiveness of risk reduction alternatives. 

Hazard analysis The functions, steps, and criteria for design and plan of work, which identify hazards, provide measures to reduce the probability and severity potentials, identify residual risks, and provide alternative methods of further control (SSDC) a process of examining a system, design, or operation to discover inherent hazards, characterizing them as to level of risk and identifying risk-reduction alternatives (APR 800-16) the determination of potential sources of danger and recommended resolutions in a timely manner for those conditions found in either the hardware/software systems, the person-machine relationship, or both, which cause loss of personnel capability, loss of system, or loss of life or injury to the public (NSTS 22254). 

Operating and support hazard analysis (O SHA) As described in NHB 1700.1(V1-A) and this document. The O SHA is to identify hazards and recommend risk reduction alternatives in procedurally controlled activities during all phases of intended use (NSTS 22254). 

Provide recommended risk reduction alternatives during all phases of tasks or operations that are controlled by written procedures (TAI 1989 Stephenson 1991). 

Step 6—Developing and Implementing Risk-Reduction Alternatives... 

Assessing risks, developing risk reduction alternatives, and defining residual risk concerns and issues. 

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