Equipment Criticality Ranking (ECR)
The purpose of an equipment criticality ranking (ECR) study is to identify and address potential risk associated with the operation of processing facilities.¬† Failure scenarios are identified, risk-ranked, and risk quantified with consideration given to safeguards that protect against the scenarios.¬† Equipment criticality rankings are a sum of risk from applicable scenarios.¬† Safeguards are identified and prioritized based on the amount of risk reduction they provide.
ECR study data facilitate safeguard analysis, a technique used to evaluate benefit-to-cost (BTC) ratios for risk reduction programs and to monitor safeguard effectiveness.¬† Safeguards should be maintained or implemented only where safeguard costs give commensurate returns in the way of reduced facility exposure.¬† An enterprise should reduce costs by using BTC analysis to identify and eliminate support programs with low BTC ratios.
Safeguard effectiveness is a measure of actual versus perceived risk reduction for safeguards credited with reducing risks.¬† Automated exception reporting can be used to monitor safeguard effectiveness and to notify personnel when intervention is required to intercept a potential loss before it happens
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