ABSTRACT: Risk assessment and management was established as a scientific field some 30–40 years ago. Principles and methods were developed for how to conceptualize, assess, and manage risk. These principles and methods still represent largely the foundation of this field today, but many advances have been made, linked to both the theoretical platform and practical models and procedures. The purpose of the thesis is to perform a review of these advances, with a special focus on the fundamental ideas and thinking on which these are based. We have looked for trends in perspectives and approaches, and we reflect on where further development of the risk field is needed and should be encouraged. The present study is written for readers with different types of background, not only for experts on risk. However, there is a conflict between the cost impact and safety aspect. E&P managers as well as government supervisor authorities are constantly faced with decisions to be made regarding of safety. In order to ensure comparability and to set priorities application of QRA is a useful tool to justify choices made with regard to personnel safety, environmental protection, asset damage and business reputation, it is recommended to apply the systematic cause analysis method and develop the risk management models which contains an integral approach toward the health, safety and environmental aspect.

KEYWORDS: Risk Assessment, Formal Safety Assessment (FSA), Risk Matrix, Offshore Structures, QRA, Hazard Identification (HAZID), Offshore Platform, Risk Index (RI)

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