Risk Tolerance

- How do you decide if a risk is too high ?-

Abstract

A concern faced by many oil and chemical companies is that, over time, process modifications or facility expansions, combined with increased population densities in surrounding communities, create the potential for a major accident with significant public impact. This paper will discuss the use of common risk assessment tools, along with the application of risk tolerance criteria, that can help in deciding if risks associated with the handling and storage of highly hazardous materials have become intolerable, requiring mitigation.