Risk and reliability

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Industry experts in the design, development and optimisation of risk management and reliability engineering. We help our customers proactively identify, quantify and manage risks by developing comprehensive frameworks that provide robust risk management solutions and ensure safety in design and operations.

It's a risky business

We recognise that it is impossible to completely eliminate risk from a project or operations, however, a robust risk-management framework will provide added protection for your people, your assets and your reputation.

Wood provides a broad range of specialist solutions to fit our customers' working environments. We are industry experts in designing, developing and optimising risk management and decision frameworks, bringing a wealth of experience gleaned working in some of the most hazardous locations and industries in the world.

Risk management

We enable our customers to understand, evaluate and take effective action on their risks, increasing the probability of success and reducing the likelihood of failure. This is provided through the following services:

  • Risk frameworks
  • Risk registers
  • Cost risk analysis
  • Schedule risk analysis
  • Knowledge management
  • Decision management
  • Comparative assessment
  • Assurance and verification
  • Risk directed asset management

Risk and reliability engineering

We determine the most effective risk management activities balanced against the most appropriate cost to improve or assess the performance of assets

  • Reliability, availability and maintainability (RAM) analysis
  • Failure mode and effects analysis (FMEA), and failure mode, effects and criticality analysis (FMECA)
  • Root cause failure analysis (RCFA)
  • Event tree analysis (ETA)
  • Technical risk categorisation (TRC)
  • Technology readiness level (TRL)
  • Value improvement process (VIP)
  • As low as reasonably practicable (ALARP)

Technical safety

Technical safety addresses major hazards in terms of identification, assessment and management of the associated risks by means of determining the required safeguarding measures for prevention, control, mitigation and recovery. We have a wealth of experience in this area, having designed, operated and decommissioned many asset types across multiple sectors and geographies.

Our technical expertise includes:

  • Independent verification
  • Independent hazard identification (HAZID) facilitation
  • Technical risk management
  • Safety case and regulatory compliance
  • Performance standards and verification
  • Independent audit and review
  • Identification and resolution of technical safety and integrity issues
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United by our common purpose to unlock solutions to the world’s most critical challenges, we are future ready, now.