Application of Dynamic Risk Approach to Mitigate Major Accidents

Major industrial accidents with catastrophic consequences routinely occur around the world and as the industry continue to grow, so will the system complexities and uncertainties. Hence, the need for a more dynamic approach to hazards identification and risk management, to proactively mitigate potential exposures in a real-time manner. Evidences suggests that, dynamic approach to risk management is capable to identifying and assessing developing and increasing industry risks and processes. The Piper Alpha investigation and derivation and adoption of safety case framework in the UK, was a proven approach to mitigate Major Accident Hazards on the front-end design of high-risk process facilities and through their lifespan. With increasing process systems complexities however, dynamic risk management an enhanced conventional method would be the next generation approach to ensure safer operations. This paper aims to stimulate discussions on the novel Dynamic Risk Management (DRM) approach, leveraging on advanced technologies such as Artificial Intelligence (AI) and the 4th Industrial Revolution (4IR) as a new risk management pathway to industrial accident prevention.