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Risk-Based Inspection

API ICP Self Study Notes

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<strong>Risk</strong> categories may be assigned to the boxes on the risk matrix. An example<br />

risk categorization (higher, medium, lower) of the risk matrix is shown in<br />

Figure 7. In this example, the risk categories are symmetrical. They may also<br />

be asymmetrical where for instance the consequence category may be given<br />

higher weighting than the probability category. A risk matrix depicts results at<br />

a particular point in time.<br />

Figure 7—Example<br />

<strong>Risk</strong> Matrix Using<br />

Probability and<br />

Consequence<br />

Categories to<br />

Display <strong>Risk</strong><br />

Rankings<br />

API 580<br />

Charlie Chong/ Fion Zhang

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