Risk assessment approach to regulatory compliance challenges in aging facilities: A case study of Harlypet Oil and Gas Nigeria Limited Facilities

Abstract


 
 
 Compliance with new regulations in old plants remains a recurring challenge because of negative outcome of incidents. This challenge stems from uncertainties in the facilities’ integrity, owing to inadequacy of existing integrity-validating technologies. Process facilities deteriorate through cyclic operations, while encroachments from expanding population characteristically raise the risk-levels, leading to need for higher grade materials to meet operational expansions. Retroactive compliance becomes a nightmare with every new regulation without a robust cost-to-benefit assurance. This paper discusses two-phased qualitative and quantitative risk modelling approach through systematic field-data-gathering, hazards identification and analysis by a twelve-man risk management engineers. The methodology successfully computed a “health-check" of the facility’s compliance to new regulations, 17 high-risk-hazards were extracted from 42 potential hazards and successfully established varied individual risk levels ranging from 4.07E-06 to 1.64E-04/year. Also, risks ranged from 1.00E-04 to 5.00E-05/year of tolerable risks to the environment, society, and business were recorded across the facility while, 22 risk-mitigation actions were recommended.
 
 

Cybersecurity Dynamics in Nigerian Banking: Trends and Strategies Review

“…These factors are also pertinent to the banking sector, where similar challenges can impede effective compliance with cybersecurity regulations. Alaneme et al (2021) discuss the challenges of compliance with new regulations in aging facilities, focusing on a case study of Harlypet Oil and Gas Nigeria Limited. The study's methodology and findings provide insights into the complexities of ensuring regulatory compliance in facilities with outdated technologies, a challenge that can be mirrored in the banking sector.…”