A QRA study (Quantitative Risk Assessment) is a structured approach to identify potential hazards, estimate event frequencies and consequences, and quantify risks such as potential loss of life, individual risk levels, and personnel risk using measures like LSIR (Location-Specific Individual Risk) and IRPA (Individual Risk Per Annum).
Because the methodology is systematic and repeatable, a QRA study enables benchmarking of facilities against client-specific or industry-recognized risk tolerability criteria. Risk contributors can be prioritized, and mitigation strategies developed to reduce risks in line with the As Low As Reasonably Practicable (ALARP) principle.
PRISM has extensive experience delivering QRA studies across the oil and gas sector and other hazardous industries, supporting clients throughout the full asset lifecycle — from early planning and regulatory compliance to design, operations, and decommissioning.
