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Risk-Based Inspection

API ICP Self Study Notes

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Combining the probability of one or more of these events with its<br />

consequences will determine the risk to the operation. Some failures may<br />

occur relatively frequently without significant adverse safety, environmental<br />

or economic impacts. Similarly, some failures have potentially serious<br />

consequences, but if the probability of the incident is low, the risk may not<br />

warrant immediate or extensive action. However, if the probability and<br />

consequence combination (risk) is high enough to be unacceptable, then a<br />

mitigation action to reduce the probability and/or the consequence of the<br />

event is appropriate.<br />

If high risk:<br />

reduce<br />

(1) the probability and/or<br />

(2) the consequence<br />

API 580<br />

Charlie Chong/ Fion Zhang

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