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.