Qualitative risks techniques are often used to managing the day-to-day risks within a particular scope. Managing these types of risks requires on-going collaboration between team members as well as regular risk review workshops. The methods used in Qualitative Risk Analysis can vary significantly, depending on the scope and the risk management resources available to the organization. Generally, the most used Qualitative Risk Analysis techniques are; Probability/Consequence (Risk) Matrix Bow-tie Analysis Decision Tree Analysis SWIFT Analysis Delphi Technique SWOT Analysis 5 Whys ICAM, Taproot, etc

Quantitative risk techniques attempt to numerically determine the likelihood of unwanted events occurring and to assess the magnitude of the losses and impacts to people, the environment, organization and the community as a whole. ​ The benefit of numerical data is that it enables further comparative tools to be applied, which can be especially useful when assessing the financial implications of implementing the suggested risk controls and undertaking detailed cost benefit analysis.

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The Hazard Identification technique is the process of identifying hazards in order to plan for, avoid, or mitigate their impacts and is the first stage of the risk assessment process. To ensure the process is efficient and will deliver the desired outcome it is crucial that the scope, key stakeholders, risk matrices and any relevant event trends are identified prior to the facilitated hazard identification session being undertaken. ​ The purpose of a HAZID session is to identify all hazards associated with the business activities therefore both functional and operational areas should be identified and broken down further within the risk assessment template and separate assessment should be completed. This will ensure the process is efficient and effective and will involve the relevant stakeholders who can actively contribute value.

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The Hazard and Operability (HAZOP) technique is a qualitative, team-based technique for hazard identification. It was initially developed to analyze chemical process systems, but has now extended for use in other ‘high risk’ systems. ​ A HAZOP study should be led by an experienced worker as part of a structured team, with specific roles and is based around the use of ‘guide words’. The HAZOP involves a structured and systematic examination of either a planned or existing operations, in order to identify and evaluate problems that may represent risks to workers and others who may be affected by the work. ​ The purpose of a HAZOP is to assess the potential hazards of any operation or the likelihood of potential malfunction of individual items of equipment and their consequential effects as a whole.

The Failure Modes, Effects, and Criticality Analysis (FMECA) is a bottom-up, analytical technique for determining how failures can happen within every part of a system (known as ‘failure modes’) and the effects these failures may have on the overall system. ​ FMECA is one of the most common techniques and is an extension of another popular technique - Failure Mode and Effects Analysis (FMEC). However FMECA has been expanded so that it includes criticality, which is used to map the probability of failure modes against the severity of their consequences. This supports the identification of failure modes that have high probability and severity of consequences, allowing for effective prioritisation and for remedial action to be focused in those areas where it will have the greatest effect on risk reduction. ​ FMECA is common across many different industries and is usually performed during the initial design phases of a system. This ensures all potential failures have been identified early on and that acceptable controls have been positioned to either eliminate or mitigate the effects of these failures on the system. FMECA is also a useful technique for identifying redundancies in existing processes, in order to make improvements on efficiency.

The Layer of Protection Analysis (LOPA) is relatively new for hazard evaluation and risk assessment, which was originally developed for the process safety field, as a robust analytical tool for assessing the adequacy of ‘protection layers’ used to mitigate process risk. ​ LOPA involves identifying potential incident scenarios and then applying semi-quantitative measures to evaluate the frequency these incidents, the probability of failure of the associated protection layers, and their likely consequences, resulting in an 'order-of-magnitude' estimate of risk. ​ LOPA builds upon existing PHA techniques that can be used during any stage of a processes’ life cycle. It is preferred to implement LOPA during initial stages when process flow diagrams are complete and PID’s are under development. For existing processes, LOPA should be used during or after the HAZOP review, which provides the risk team with a list of hazard scenarios with associated consequence descriptions and potential safeguards for consideration.

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