ENGINEERING RISK ASSESSMENT
Engineering systems are almost always designed, constructed, and operated under unavoidable conditions of risk and uncertainty. Risks are future events with a probability of occurrence and a potential for loss. Caught in time, risks can be avoided, negated or have their impacts reduced. Risk analysis is a technique applied for identifying, characterizing, quantifying, and evaluating hazards. Risk assessment is performed to estimate the value of a risk. Our engineers apply this technique to estimate safety, reliability and effectiveness of various products, and processes.
The risk assessment performed by AMCO US based partner is focused on the environmental, health and economic effects that can occur when an engineered system fails, due to natural or human initiated events followed by failure of protective barriers. We also apply risk assessment to systems characterized by performance scenarios including malfunctions or threats. When we undertake new projects in which the risk can only be evaluated from a rigorous and systematic analysis of possible scenarios, and from dependencies among events in a scenario. Our consultant applies engineering risk analysis method with the objective of finding and fixing system weaknesses, whether equipment or operational.
These risks are impacted by the process, the equipment, the systems (operating, maintenance, inspection) the competence and the attitude of the people involved. Our partner has vast experience of identifying and helping evaluating risks across a broad range of highly hazardous operations across various industries. Engineering risk assessments can assist plant and engineering professional in evaluating and determining the best course of action in accounting for equipment contingencies and mitigating operation cost overruns, delays and disruptions.
AMCO along with its partner engineers conducts quantitative risk assessments to enable our clients to manage their equipment or operation hazards in a cost-effective manner. Our clients benefits from a complete picture of the risk of the various scenarios that are constructed. This picture can be studied and analyzed, allowing engineers to design, maintain, or recommend upgrade for their assets while achieving cost-effective hazard management. “What If?” calculations can be easily performed, enabling the risk impact of a design change or an equipment modification to be quickly and easily assessed. Our clients who used the results risk assessment to compare different design options have also enjoyed much benefit.