Potential Risk and Potential Problem Analysis

Potential Risk analysis is a preventive risk control measure used to analyse existing or new processes, process changes, and equipment. Although it seems like a logical analysis to do in the situations outlined above, many organizations fail to take the appropriate risk analysis and control measures to ensure success even on smaller process changes, tasks or projects. Potential risk or potential problem analysis is similar to an FMEA study where the potential failure modes are listed and their effects and impacts on the business are considered. The potential risk analysis is usually carried out by the process improvement team, process engineers and management. They are a preventive way of controlling problems and risks rather than trying to control and take corrective action once the failure has eventuated.

The potential risk analysis should include the following steps:

-Project brief, plant or process scope that will be topic of the risk analysis study

-Outline the different steps, tasks or components that compose the process, project or plant

-For each step in the process or component outline the potential issues or problems that may eventuate in this step of the process, project or component. This is the most important step of the process and the most time consuming as it will require input and brain storming from all stakeholders.

-All the potential issues and problems are given a risk rating depending on the damage they could cause if they do eventuate. This risk rating can be a simple one of Low, medium or High.

-The final step is the risk control measures put into place and the responsible person for carrying out these actions. This step has two sub steps which are the short term measures to ensure these risks don’t eventuate in the near future, and the other step is what measures or policies should be implemented to fully diversify that risk and sustain as close to a risk free process, project or plant as possible.