BakerRisk’s expertise in explosion and fire modeling, equipment vulnerability, frequency calculations, and risk calculations allows us to provide unique insight into your Business Interruption (BI) risk drivers. BI risk examines the financial risks associated with downtime, product loss, lost revenue, and other operational interdependencies. With our help, you can minimize your business interruption risk, saving time and money.
Our Approach
Business interruption risk studies often arise from questions regarding potential business losses. However, previous assessments, such as facility siting studies (FSSs) or quantitative risk assessments (QRAs), can be leveraged to expedite the analysis.
BakerRisk’s BI methodology supports a tiered approach from high-level screening of site-wide risk drivers to progressively finer levels of detail, which can be explored from a site or company-level perspective. In addition, our state-of-the-art software programs allow us to efficiently analyze a wide range of accident scenarios and business interruption targets.
These tools, as well as the vulnerability data for key pieces of equipment and buildings, are supported by BakerRisk’s extensive testing programs and experience in incident investigations.
We get results
BakerRisk has a team of business interruption risk experts with over 50 years of cumulative experience analyzing and quantifying BI risks at a wide range of operations. Deliverables can be based on qualitative, consequence-focused methods, or we can use our powerful modeling software to produce a risk-based evaluation of business interruption exposures.
Our risk-based deliverables are tailored to your specific needs to support your decision-making framework. Risk results are provided in the form of frequency-dollar (F$) curves and tables that identify high-risk scenarios or equipment/buildings that incur high risk. If intolerable levels of BI risk are identified, BakerRisk will work with you to reduce business interruption risks by brainstorming creative ways to minimize losses and reduce recovery time estimates.
Our Specialists
Related Resources
During the late 19th Century, in the early days of the petroleum industry, the main hazard was from a well blowout and was a fairly localized event. More often than not, the only victims were the hapless workers who were unfortunate enough to be in the area at the time. In contrast, today’s oil and chemical industries have introduced a variety of major hazards on a scale that would have been unimaginable to the pioneers in the field.
Refineries and chemical plants use a myriad of protective layers around their sources of hazards in an effort to reduce the frequency or mitigate the consequences of potentially catastrophic incidents; however, the risk of a release of hazardous materials still exists. When such events occur, plants often depend on critical pieces of equipment to safely shut down the plant and prevent escalation of the incident. As a result, it is important that this equipment, including the power and electronics required to activate these systems, survives the impact of the events they are intended to protect.
Refineries and chemical plants use a myriad of protective layers around their sources of hazards in an effort to reduce the frequency of catastrophic losses; however, releases of hazardous materials still occur. When such events occur, plants often depend on critical pieces of equipment to safely shut down the plant and prevent escalation. As a result, it is important that this equipment, including the power and electronics to run these systems, survive the events for which they are designed to protect.
Process equipment containing hazardous or flammable materials in petrochemical facilities can be subjected to significant blast loads from accidental Vapour Cloud Explosions (VCE). Storage tanks are of particular importance, since these can potentially contain significant amounts of such materials. Calculating the response (damage) of particular types of tank and associated equipment under explosion blast loads can be complicated and expensive. Moreover, determining if the predicted damage has any potential for releasing the contents of the tank can be challenging and involve complex calculations. Simplifications can be made to model certain types of equipment such as bullet tanks in order to obtain qualitative estimates of damage based on empirical data, analytical approximations, and observed damage from industrial explosions. The simplified models can be used to assess the potential for damage in terms of the peak pressure (P) and impulse (i) which is the integral of pressure-time function. These parameters can be used to define any blast load. Therefore, the damage estimate is not only dependent on the equivalent static pressure, but takes the blast duration into account.
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