Research On Risk Management Of M Complex Project For CP Group

Risk management is initiated much later than other countries in China, it is stillin the process of learning, reference, absorbing. Especially in petrochemical field,there also have a big gap with foreign advanced level. Many cases of failure areavailable in china because of lose of risk management. Petrocheical induesty has beendeveloped into a new stage-complex integration stage even in China. It appears veryimportant to make deeply study and research base on the character of petrochemicalcomplex project, especially as an example of the CP group M complex project.The general structure of the paper is consolidating theory and practice andconcluding a risk register matrix according to the basic theory of risk managementprocess and propose a sugguestiong of risk monitoring.In order to make good practice of risk management, firstly, it should beunderstood； project, risk, risk management, character of petrochemical complexproject, process of risk management and risk classification. Project has characters ofconstraint, one-time， oriented and risk. Risk=probability×impact。 Character ofpetrochemical project：each plant connected, relevance, long investment period andlarge investment, different stakeholders and difficulty of coordination, multi-chemicalgoods with poisonous and harmful, flammable and explosive. Process flow of riskmanagement is risk identification-risk evaluation-risk response-risk monitoring. Theclassification of risk is political risk, economy risk, envoiroment and society risk,management risk, technical risk and others.By recognizing the management status of CP group M complex project,according to process flow of risk management, the risk identification list is finalize bysummarizing the risk element of the fields-platical, economy, enviorement andsociety, management, technical and so on at the stage of risk identification. At thestage of risk evaluation, define the risk probability by five level with improbable,could happen, as likely as not, probable, high probable. And five level with impact, insignificant, marginal, serious, critical, and catastrophic.according to difination ofrisk, the risk is also be defined by five level：very low, low, medium, high, very high.Each risk element is evaluated and given a risk level relavent. At the stage of riskresponse, general risk response strategy to be confirmed, like risk avoidance, riskmitigation, risk transfer and risk acceptance. After the risk strategy applying in eachrisk element, the action plan is produced and makes the action more operability, andalso clarify three W and H. at the final stage of risk monitoring, it is emphasis thesystem and procedure management, tracking and feedback rules and sensitive to thechange and deviation. The risk register matrix is consolidated according to the upsideprocedure：risk identification, risk evaluation, risk response and applied for riskmanagement. Also the qualitative and quantitative analysis HAZOP and SIL areapplied in the technical risk identification according to character of petrochemical, theHAZOP/SIL recommendation follow-up tables are finalized and applied.