Topical matters

Risk analysis and management

The SIRA process is based on the principles set out in IALA Guideline 1018 on risk management. Risk is defined as the product of two factors – the probability (or likelihood) of an undesirable incident occurring and if it does occur, the severity of its potential long and short‐term impact (or consequence). The management of risk involves a structured process that identifies hazards and scenarios with associated risk before taking action to reduce the risk to “As Low As Reasonably Practicable (ALARP)” which is acceptable to stakeholders.