Early indentification and understanding of risk and opportunities is vital. To meet this challenge, great efforts have been made to develop and implement a web-based Early Phase Risk Assessment (EPRA) tool for evaluating new international business opportunities.

The tool is based on a multi-disciplinary approach to risk assessment, integrating the disciplines health of safety, security and environment (HSE), business integrity and social responsibility. The EPRA-tool also includes a module called the Brownfield Risk Assessment Tool (BRAT) for assessing the condition of existing installations.  

The EPRA process

EPRA is a stepwise process which includes establishing the context, identifying sources and their impacts, analysing and evaluating the risks they represent, and then devising the most effective means of control. The result is shown in risk diagrams which are used to communicate results to management at project, asset and corporate level. Risks that end up in the red area of the risk matrix are regarded as challenging, requiring high management attention and effective control measures to be identified and implemented.

Creating risk ownership

EPRA is used to support a working process in which the HSE, business integrity and social responsibility disciplines are brought together with the project team to discuss all relevant risks and opportunities at a workshop. All participants play an important role in defining and assessing inherent risks from their various perspectives and disciplines. Experts outside the project and the project itself may have different opinions of the risk level, and the discussions and evaluations aim to create a common understanding of the risks. The process ensures that ownership of the risk picture is taken by the project management and asset owner, which is essential for effective follow-up and monitoring.