Page 25 - RMAI BULLETIN Oct - Dec 2019

RMAI BULLETIN OCTOBER TO DECEMBER 2019

Glossary

SubjectiveProbabilities: risk assessment is not necessarily convergent as it can
Many assessment methods rely on subjective beperformedwithinasiloedsystem(e.g.acertaintype
probabilities. These probabilities are determined by ofprocesswithinacompany,certainoperations,etc.).
employing the expert opinion of an individual or a
consensusofhighlyqualifiedprofessionals. ForceMajeureClauses:
A term used in contracts to define events which are
Quantitative Risk Tolerance (or tolerability) considered an Act of God. An event at or below human
Curves(QRTC): credibility(lessthan1/100,000to1/1,000,000).
A threshold (curve) dividing the probability-
consequence graph into two regions: a tolerable and Interdependenciesanddominoeffects:
intolerableriskrealms. A chain reaction that occurs when a small change
causes a change nearby, which then causes another
Normalizationofdeviance: change, and so on in linear sequence. It typically refers
The behavioural process by which people within an to alinkedsequenceof events wherethetimebetween
organization become so accustomed to a deviant successive events is relatively small. It can be used
anomalous behaviour or event that they consider it as literally (an observed series of actual collisions) or
normal, despite the fact that it exceeds the initial metaphorically (causal linkages within systems such as
designcriteria,rulesofsafetyorindustrystandards. globalfinanceorpolitics).

Businessasusual: Normalizationofdeviance:
The variability of any parameter as considered and The behavioural process by which people within an
specified in the design is “business as usual” and does
organization become so accustomed to a deviant
not represent a hazard. For example, the variation of
anomalous behaviour or event that they consider it as
the oil price of ±10% in a project could be considered as
normal, despite the fact that it exceeds the initial
“business as usual” is so specified, whereas +30%
designcriteria,rulesofsafetyorindustrystandards
would be a hazard. The hazard and its consequences
arealwayssubjecttouncertainties.
Probabilities(numerical):
CommonCauseFailure(CCF): A measure of the likelihood of an event, expressed with
numerical values ranging from 0 to 1, where 0
Item or process failures resulting from a single shared
(common root) cause and coupling factor(s) or represents impossibility and 1 certainty. Probability is
mechanismsleadingtofailure. often interpreted as a subjective degree of belief
(opinion, subjective interpretation) (See subjective
Convergentriskassessment: probabilities). Many assessment methods rely on
A risk assessment that looks at a silos-free system subjective probabilities. These probabilities are
where physical, informational, operational silos determined by employing the expert opinion of an
converge in a single platform. Convergent risk individual or a consensus of highly qualified
assessments have to be holistic by definition. A holistic professionals.

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