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Risk-Based Inspection

API ICP Self Study Notes

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5.2 <strong>Risk</strong> Management and <strong>Risk</strong> Reduction 风 险 管 理 和 减 少 风 险<br />

Once the risk is known and the magnitude of the risk is established, it is time for<br />

risk management. At first, it may seem that risk management and risk<br />

reduction are synonymous. However, risk reduction is only part of risk<br />

management.<br />

• <strong>Risk</strong> reduction is the act of mitigating a known risk that is deemed to be too<br />

high to a lower, more acceptable level of risk with some form of risk<br />

reduction activity.<br />

• <strong>Risk</strong> management, on the other hand, is a process to assess risks, to<br />

determine if risk reduction is required and to develop a plan to maintain risks<br />

at an acceptable level. By using risk management, some risks may be<br />

identified as acceptable so that no risk reduction (mitigation) is required.<br />

API 580<br />

Charlie Chong/ Fion Zhang

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