Process accidents in the early 1980s have drawn process safety into the main stream. In the 1990s, risk-based approaches were developed to bring safety into design as well as economic considerations. In the 2000s, the inherent safety approach began to be practiced on a limited basis, and process safety evolution made significant progress. As process systems continue to become more complex and operations move into remote and harsh environments, traditional risk analysis may no longer be sufficient. Dynamic risk assessment is the basis for the next generation of risk and management approaches that help to enable safer complex process systems operating in extreme environments. This article investigates the main contributions in the area of dynamic risk assessment. Then, an overall framework for dynamic risk management of process facilities is proposed.

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Process deviations, along with failure of control systems and protection layers, result in safety and quality loss in plant operations. This article proposes an operational risk‐based warning system design methodology based on overall system loss. Loss functions (LFs) are used to define the relationship between process deviations and system loss. For this purpose, properties associated with quadratic LF and a set of inverted probability LFs are investigated and compared. The results suggest that LFs can be used in a novel way to assess operational stability and system safety. The proposed consequence assessment methodology using LFs is then incorporated into a risk‐based warning system design model to analyze warnings associated with process deviations. A simulated case study is presented to demonstrate potential application of the proposed methodology; the study examines the response to a temperature surge for a reactor system. © 2014 American Institute of Chemical Engineers Process Saf Prog 33: 285–291, 2014

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