Risk Assessment and Management Workflow—An Example of the Southwest Regional Partnership

Si-Yong Lee, Ken Hnottavange-Telleen, Wei Jia, Ting Xiao, Hari Viswanathan, Shaoping Chu, Zhenxue Dai, Feng Pan, Brian McPherson, Robert Balch
2021 Energies  
This paper summarizes the risk assessment and management workflow developed and applied to the Southwest Regional Partnership on Carbon Sequestration (SWP) Phase III Demonstration Project. The risk assessment and management workflow consists of six primary tasks, including management planning, identification, qualitative analysis, quantitative analysis, response planning, and monitoring. Within the workflow, the SWP assembled and iteratively updated a risk registry that identifies risks for all
more » ... ifies risks for all major activities of the project. Risk elements were ranked with respect to the potential impact to the project and the likelihood of occurrence. Both qualitative and quantitative risk analyses were performed. To graphically depict the interactions among risk elements and help building risk scenarios, process influence diagrams were used to represent the interactions. The SWP employed quantitative methods of risk analysis including Response Surface Method (RSM), Polynomial Chaos Expansion (PCE), and the National Risk Assessment Partnership (NRAP) toolset. The SWP also developed risk response planning and performed risk control and monitoring to prevent the risks from affecting the project and ensure the effectiveness of risk management. As part of risk control and monitoring, existing and new risks have been tracked and the response plan was subsequently evaluated. Findings and lessons learned from the SWP's risk assessment and management efforts will provide valuable information for other commercial geological CO2 storage projects.
doi:10.3390/en14071908 fatcat:eq6ct63utzheza5mogxkbz3rra