Using layer of protection analysis to balance the costs of risk reduction measures – White Paper
“Introduction – Many organisations experience a range of risks as a result of their operations and need processes and procedures in place to analyse and deal with them effectively. The consequences of the risks can manifest themselves in several ways that can result in safety, environmental and commercial consequences. Each of these risks has financial implications for the organisation concerned.
For those with responsibility for capital expenditure (CAPEX) and operational expenditure (OPEX) budgets, there is an ongoing need to justify expenditure on managing risks to satisfy the often competing moral, legal and financial demands placed on the organisation.