Risk management is a continuous process and relies on accurate and complete data. However, we all know data is never perfect, so how do we account for missing and uncertain data? Like all good processes there are a few different approaches and steps to take.
Integrity Management program requires pipeline operators to consider various elements, and out of those elements, risk assessment plays a crucial role. To achieve actionable risk results, it is vital to know how to validate the results, and we have also found, setting risk tolerance limits better facilitates achieving actionable risk results. So the question is: how do you go about establishing risk tolerance criteria?
In our previous post in the series, How to Spot an Expert, we mentioned that there is no “one-size fits all” integrity management program (IMP). In summary, if a consultant suggests that a pipeline operator follow a template or program without having conducted a thorough analysis of your operations, needs, and gaps, they are likely more interested in selling a widget or promoting themselves, than ensuring that you get the best risk assessment for your organization.However, it can be challenging to see through the numerous messages, campaigns, and ever-prevalent online content to (pardon the pun) mitigate the risks of hiring the wrong consultant. So, in our latest installment of “How to Spot an Expert,” we’re focusing on helping you dive deep in your search for expertise when it comes to Pipeline Risk consulting.
It has been said, “The oil and gas industry’s approach to change has often been compared to the formation of fossil fuels themselves: slow, steady and done under pressure” (Jeff Wilson). However, this adage no longer holds true in many industry circles.