How is "risk" defined in process safety terminology?

Risk in process safety terminology is defined as the likelihood of an event occurring and the consequences that would result from that event. This definition highlights the dual nature of risk, which assesses both the probability of a hazardous event happening and the severity of its outcomes. Understanding risk in this way is crucial in process safety management, as it allows organizations to prioritize safety measures effectively and allocate resources to mitigate risks that have both a high probability of occurrence and severe consequences.

The focus on likelihood and consequences helps in creating a comprehensive risk assessment framework, where organizations can analyze various scenarios, understand their potential impact on personnel, the environment, and assets, and take preventative actions accordingly. This approach is fundamental to maintaining safety in processes that handle hazardous materials or operate under critical conditions, forming the basis of robust safety management systems.

Options that define risk in terms of possibility without addressing both likelihood and consequence fall short of encompassing the full scope of risk as defined in process safety. Thus, while options discussing loss, operational success, or compliance costs reflect important factors in safety management, they do not offer a complete understanding of "risk" itself in relation to process safety.