Risk analysis

Only identifed risks can be managed


​Business and organisations' operations always include risks that can threaten achievement of set objectives and targets. Depending on the nature of the operations these risks can ​be related to personnel, environmental, or process safety, or business continuity. Identifying, analysing and evaluating risks is the basis for successful risk management.

VTT offers its customers a wide spectrum of expertise for risk analysis and assessment. This can be applied in examining various types of risks in different sectors both in industry and services. VTT has experience on identifying and analysing risks in e.g. process industry, machine systems, and railway transport.

Risk analysis in different phases of the lifecycle

Risk analysis need to be carried out in all phases of the produt or servi​ce lifecycle (design, manufacturing, operation and maintenance, end of life). The objectives, requirements and methods for risk analysis need to be suitable for the lifecycle phase that is being analysed. At design phase objectives are typically related to analysing risks of different design options and to supporting design work. At operation and maintenance phase main emphasis of risk analyses can be related to ensuring safety of operation when introducing changes into procedures or processes.

Selecting the right risk analysis method for the situation has direct impact on the quality of the end result. VTT's experts have experience on using different method of risk analysis and choosing the right method for different situations.

High quality risk analysis

Good risk analysis starts with defining the scope and objective for the analysis. It is important to document what will be left out from the analysis and why the scope has been chosen.

Risk analysis methods need to be selected based on the scope and objectives of the analysis and available information, resources and expertise. Information sources and documents need to be up to date and their content need to be suitable for the selected risk analysis methods.

Many risk analysis methods are based on group work. The analysis group typically has a leader, experts who know well the object of the analysis and a person who documents the analysis results. Participants of the analysis group need to be motivated and willing to share their expertise.

Results of a well implemented and documented risk analysis can be used in many ways. Results can be utilised to support decision-making, provide justification for risk mitigation measures, to  fulfil legal requirements and as a basis for training material.

VTT is your partner when you need professional and experienced partner to plan and implement risk analyses and to utilise the results.