The Importance of Strong Risk Management in the Aerospace Industry
Why aerospace risk management is crucial in a new era of space exploration
The world is on the cusp of a new expansion in space technology. Advanced satellites, reusable rockets, and other aerospace solutions indicate a renewed focus on aerospace science, space exploration, and potential commerce beyond the Earth. Many companies are eager to take advantage of this growing industry by designing rockets, satellite communications, and other products.
If you want to be a part of the new space race, you’ll need to know how to keep your facility assets, infrastructure, and worksite personnel safe throughout development, testing, and launches. Risk management in the aerospace industry is just as important as in other industries.
Key elements of aerospace risk management
Aerospace risk management isn’t a one-time task or goal. It’s a cyclical, ongoing process that involves:
- Identifying potential and likely risks to facilities, infrastructure, equipment, and people in process hazard analyses (PHA)
- Assessing possible causal factors associated with identified risks
- Proactively reducing the probability of risks occurring through control and risk management practices
- Mitigating risk to a tolerable level
Because aerospace risk management is an ongoing process, it’s important to partner with knowledgeable, experienced engineering and risk consultants like BakerRisk.
The importance of robust aerospace risk management
Aerospace risk management is critical, especially if your company plans to dedicate more resources to space exploration, equipment, or infrastructure. By practicing good aerospace risk management:
- Your organization will become more aware of potential operational risks – this is even more important if your organization is about to enter the aerospace industry
- You’ll experience reduced business interruption risks
- Your organization will have better means to mitigate – or proactively reduce the risk of – serious dangers to equipment, occupied buildings, and personnel
On a broad scale, aerospace risk management leads to an improved ability to comply with aerospace regulations, industry laws, and customer or client requirements. Proper planning and risk management procedures save money as well by preventing costly accidents or equipment damage that can set companies back millions of dollars and stall progress in this fast-paced industry.
Most importantly, the aerospace industry routinely involves using and applying hazardous materials such as jet fuel, rocket fuel, propellants and other explosive materials, electrical systems, compressed gasses under high-pressure, and more. These materials must be contained properly, understood thoroughly, sited appropriately, and handled safely with a well-designed aerospace risk management system.
How to practice risk management in the aerospace industry
Aerospace risk management starts with comprehensive testing. BakerRisk’s high-pressure testing services can help your company understand the risks involved when using highly pressurized materials, such as rocket fuel components. Furthermore, BakerRisk can help you design and implement pressure test enclosures, barricades, and portable shields to mitigate risk to personnel and critical equipment.
Risk analysis and management for explosive materials is another important consideration. BakerRisk can assist with quantity-distance (QD) siting requirements to satisfy regulations that will ensure people at the facility are safe.
In addition, launch and flight safety risks are critical to maintaining schedules while ensuring safe operations. BakerRisk can assist with these programs through testing and R&D support.
You’ll also need to ensure that your facility is safe for aerospace industry operations. You can achieve that with the right hazard and risk management studies. Thorough process hazard analyses and mitigation studies from BakerRisk:
- Identify risks from energetic materials
- Analyze your current facility’s potential hazards or risks to personnel and equipment
- Eliminate causal factors that may result in explosive or other incidents
- Mitigate or eliminate risks to your aerospace facility
With the help of our experts, you can define Maximum Credible Event scenarios and take a proactive, consequence-based approach to risk management. In addition to assisting with hazard analysis, we utilize industry-leading, in-house consequence analysis software to show you critical information about your facility site and remove confounding factors. With our help, you’ll be better equipped to make the right decisions for your facilities and your workers.
Contact BakerRisk today
Understanding and practicing risk management in the aerospace industry is an important part of this growing sector. If you want to expand your operations into this industry responsibly, you must incorporate regular risk management studies and practices. BakerRisk can help with our extensive experience and resources. Contact us today for more information.