WEBVTT

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Let's imagine that we have an asset.

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It could be a plane, a building, a drilling rig, an IT system,
a manufacturing system, a ship, a vehicle …whatever.

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The asset adds value to our company, and for that reason, we want to protect it.

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From time to time, we need to make changes to the asset.

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We perform preventive maintenance to counteract the wear and degrade,

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corrective actions to repair it when it breaks,
and enhancements to make it better or faster.

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However, any change of an asset constitutes the chance of something
going wrong and thereby of suffering loss.

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This uncertainty is known as risk.

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The chance of something going wrong is the likelihood, while suffering loss is the consequence.

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The higher the likelihood and consequence, the higher the risk.

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That means that we can lower the risk by reducing the likelihood.

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Actions aimed at reducing the likelihood are called preventive actions.

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We can also lower the risk by reducing the consequence.
Such actions are known as contingent actions.

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But, how do we effectively assess risk in our daily work?

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We do that by asking a few basic questions before we start on a task.

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Is the task you are going to perform unfamiliar?

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Did it previously go wrong?

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These two questions aim to clarify the likelihood.

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Two times no indicates that the likelihood of something going wrong is low,
while one or two times yes indicates, that the likelihood is relatively high.

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The third and final question aims to clarify the consequence.

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If the task goes wrong, can it then compromise the safety,
damage reputation, cause financial loss, or a waste of labor?

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If the answer is no, then it indicates that the consequence is low,
while yes indicates that it is relatively high.

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The risk is low if you answer no to all three questions,

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which means that there is no need for risk treatment
and we can just perform the task.

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However, if one or more of your answers are yes,
then you are dealing with significant or high risk.

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In such a case, you should initiate risk treatment
to reduce the risk before you start on the task.

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That was a lot of terms and definitions, but don't worry.
You will learn it by doing it.