This paper reviews a "total product and service life cycle" risk management program. The program goal is to ensure the products, people, processes and facilities are compliant to current and future standards required by current and future regulatory, third-party or customer-specific requirements regarding HS&E and performance risk management. In response to HS&E failure events worldwide, considerable efforts have been put forth to improve compliance to new and existing standards to further manage and improve HS&E programs.

Product and service risk mitigation in the oil and gas industry must start with a new product development process for product and services. Mitigating HS&E risks requires not only diligence to critical on-rig operations process improvements (e.g., training, procedures), but also a quantitative assessment of failure modes and mechanisms associated with how products fail during the missions they are required to execute. Stated differently, the reliability of HS&E critical products and parts must be modeled and quantified to mitigate HS&E risks to an acceptable level or minimize the likelihood of failure. This quantitative assessment will determine what mitigation is required during design and downstream (supply chain, operations) to reduce failure possibility to an acceptable level. Design and process failure modes and effects analysis (FMEAs) now take on a much more critical role of correlating risk (RPNs) to actual failure rates. The goal of this paper is to review the progress one company has made toward achieving this total product life cycle approach to HS&E and performance risk management.

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