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James Macgregor

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Using layer of protection analysis to balance the costs of risk reduction measures – White Paper

About this project

Deciding how to spend precious resources on risk reduction measures can be daunting set against a background of financial pressures and Regulator expectations. Layer of protection analysis and cost benefit analysis can provide a solution to balancing the cost of risk reduction measures against the many safety, environment and commercial demands made on an organisation.

Sample

“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.