In some situations, risk can be best understood, and therefore managed, through risk quantification. Establishing quantitative risk criteria can be a key component in informed risk decision making. Currently many companies use quantitative risk criteria, either formally or informally. Some companies base their criteria on regulatory precedents (e.g., Netherlands, UK HSE, etc.), while others have developed “home grown” criteria, involving company‐specific judgments. This article will provide an overview of the new American Institute of Chemical Engineers, CCPS Guidelines for Developing Quantitative Safety Risk Criteria, which is intended to provide assistance to companies seeking to develop such criteria and highlight challenges to be addressed by any company attempting to establish risk criteria. © 2010 American Institute of Chemical Engineers Process Saf Prog, 2010

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This report was prepared as an account of work sponsored by an agency of the United States Government. Neither the United States Government nor any agency thereof. nor any of their employees. makes any warranty, express or implied, or assumes any legal liability or responsibility for the accuracy, completeness, or usefulness of any information, apparatus, product, or process disclosed, or represents that its use would not infringe privately owned rights. Reference herein to any specific commercial product. process, or service by trade name, trademark, manufacturer, or otherwise does not necessarily constitute or imply its endorsement, reammendation, or favoring by the United States Government or any agency thereof. The views and opinions of authors expressed herein do not necessarily state or reflect thost of the United States Government or any agency thereof.

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