16. RBI Documentation and Recordkeeping

Question 1

16 RBI Documentation and Recordkeeping

16.6 Assumptions Made to Assess Risk

Highlights

Answer 1

1. Risk analysis, by its very nature, requires that certain assumptions.
2. The assignment of failure mode and the severity of the contemplated event will invariably be based on a variety of assumptions, regardless of whether the analysis is quantitative or qualitative.
3. To understand the basis for the overall risk, it is essential that these factors be captured in the final documentation.

Question 2

16. RBI Documentation and Recordkeeping
17. 7 Risk Assessment Results

Highlights

Answer 2

1. The probability, consequence, and risk results shall be captured in the documentation.
2. For items that require risk mitigation, the recommendations for and results after mitigation should be documented as well.

Question 3

16. RBI Documentation and Recordkeeping
17. 8 Mitigation and Follow-up

Highlights

Answer 3

1. The specific risk mitigation required to reduce either probability or consequence should be documented in the assessment.
2. The mitigation “credit” assigned to a particular action should be captured along with any time dependence.
3. The methodology, process, and person(s) responsible for implementation of any mitigation should also be documented.

Question 4

16. RBI Documentation and Recordkeeping
17. 9 Applicable Codes, Standards, and Government Regulations

Highlights

Answer 4

1. It will be important to reference these documents as part of the RBI assessment.
2. This is particularly important where implementation of RBI is used to reduce either the extent or frequency of inspection.