Equally important to choosing the correct pipeline risk modeling approach is ensuring the identified risks are properly managed through a fully integrated risk management program. Implementing the most sophisticated risk modeling algorithm on the market will not help a company manage their risks if the model and associated program are not usable to the company. The role of a framework is to provide specific guidance to support other company programs by referencing applicable management system elements and outlining additional elements specific to the program itself. A successful risk management framework sets the groundwork for effective risk management by ensuring the risk management program is integrated into the company in a way in which all relevant stakeholders benefit from its use.
This paper outlines common pipeline risk management framework elements and their links to the Pipeline Safety Management System elements set forth in API RP 1173. As the development of such a framework is often an iterative process, prioritized aspects are identified for companies undertaking the development of such a system.
