API 580 Risk Based Inspection Practice Test

What does risk evaluation compare the estimated risk against?

1. Risk factors

2. Risk criteria

3. Risk acceptance

4. Risk mitigation measures

The correct answer is: Risk criteria

Risk evaluation is a critical component of the risk-based inspection process, as it involves comparing the estimated risk with predetermined standards known as risk criteria. These risk criteria serve as a benchmark to determine whether the estimated risks are acceptable or require further action. They can include factors such as safety objectives, regulatory requirements, and organizational risk tolerance levels. By having these criteria in place, organizations can make informed decisions regarding necessary inspections, maintenance schedules, and any potential operational changes needed to ensure safety and compliance. The other options refer to aspects related to risk management but do not serve the same purpose in the context of risk evaluation specifically. Risk factors relate to the elements that contribute to the risk but do not provide a standard for comparison. Risk acceptance refers to the decision of whether a particular risk level is tolerable, which comes after the evaluation process. Risk mitigation measures involve the actions taken to reduce risk, but they are not the framework used for comparison during the evaluation itself.