Quantitative Risk Assessment
Quantitative Risk Assessment (QRA) is used to identify, analyse and evaluate the likelihood and consequences of hazardous events using numerical data. By conducting QRA, organizations can develop and implement an effective risk management plan based on the data. QRA helps companies make data-driven decisions and reduce workplace hazards.
In Singapore, organizations handling Major Hazard Installations (MHIs) and managing hazardous substances such as petroleum and other flammable chemicals require QRA to reduce workplace hazards and stay compliant with regulations.
At QES Consultancy, we help businesses conduct Quantitative Risk Assessment, and our QRA consultants will suggest an effective risk management plan that aligns with the business requirements and objectives by calculating numerical risk values.
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What is Quantitative Risk Assessment (QRA)?
QRA is a systematic approach that evaluates potential hazardous scenarios and their consequences, providing quantitative results that support risk reduction to As Low As Reasonably Practicable (ALARP). Where applicable, QRA submissions may be reviewed by the Major Hazards Department (MHD) of the Ministry of Manpower. In Singapore, regulatory authorities such as the Singapore Civil Defence Force (SCDF), Ministry of Manpower (MOM), or National Environment Agency (NEA) may require a QRA depending on the type of hazardous installation and regulatory framework involved.
Why Is QRA Important?
Data-Driven Results
Quantitative Risk Assessment (QRA) is based on systematic numerical calculations, making the results more specific and reliable compared to subjective judgments or general recommendations.
Supports ALARP
In larger or higher-risk projects, QRA provides measurable risk insights that help organizations develop risk reduction measures aligned with the ALARP (As Low As Reasonably Practicable) principles.
Effective Risk Planning
By using quantitative risk assessment methods, businesses can design structured and effective risk prevention or risk reduction plans based on measurable data rather than assumptions.
Requirement
In Singapore, companies that install, transport, handle, or store hazardous materials may be required to conduct a QRA. Businesses are advised to consult relevant authorities during the early project stages and engage a QRA consultant if required.
Why you should choose QES
If you are looking for an experienced QRA consultant in Singapore, contact us right away to discuss your project requirements. Let us help you carry out Quantitative Risk Assessment(QRA), reduce the potential risk in your business, and provide a safe workplace.
Contact Us
If you require additional details about our services, please feel free to reach out to us. We are dedicated to assisting you in establishing a safer, compliant, and more efficient workplace. Alternatively, you can request that we contact you directly.
FAQs on Quantitative Risk Assessment
Quantitative Risk Assessment (QRA) is a systematic approach to evaluate the likelihood and consequences of potential hazards along with their consequences using numerical data to reduce risks.
Quantitative Risk Assessments include identifying risks for toxic gas release scenarios, analyzing fire impact in industrial areas, and evaluating major hazard installations for regulatory approval.
Qualitative Risk Assessment evaluates risks based on subjective factors while quantitative risk assessment uses numerical data and calculations to estimate risks.
In Singapore, Major Hazard Installations (MHI) where large amount of combustible dust is stored, handled or transported require quantitative risk assessment.
Companies that want to ensure workplace safety and health, and that require regulatory submission of QRA report should consult with a professional QRA consultant in Singapore.
Common QRA methods include fault tree analysis, frequency analysis, sensitivity analysis, consequences of modelling, risk calculation, and decision tree analysis.
The assessment duration varies from several weeks to a few months based on the size of the workplace, scope, and data availability.
We would need various data including process operations, failure frequencies, ignition sources, implemented safety systems, but it may vary based on the project size, scope and objective of conducting QRA.
A QRA report should cover hazard identification, identify scenarios, frequency analysis, consequence modelling, risk calculation, QRA results, and strategic plan with prioritized materials based on criteria.
The process of a Quantitative Risk Assessment includes
- Identifying potential risks
- Estimating the likelihood and impact of risks
- Calculating the numerical risk value
- Preparing risk reduction plans according to data
An example of a quantitative risk assessment is identifying the potential risks of toxic gas spreading from a chemical plant and calculating the likelihood and potential impact of this scenario.
In Quantitative Risk Assessment, the following common tools:
- Fault Tree and Event Tree Analysis tools
- Risk modelling software
- Consequence modelling tools such as PHAST are used
