Configure Risk Models

The Risk technology within NEXUS IC provides a powerful framework for configuring formalised risk assessment and RBI methodologies (for example, API 581 BRD, DNV-RP-G101, AS 2885.1 and AS 4360) or creating custom risk models of any level of complexity, including corporate risk models, internally workshopped models and models tailored to specific issues or situations.

You create and manage risk models under Configuration ‣ Assets ‣ Risk Models.

Once you have created a risk model, you can assign it to asset types (see Assign Risk Models to Asset Type and Assign Asset Types to a Risk Model) and then to individual assets (see Assign Risk Models and Scenarios).

To identify which assets are using a particular risk model, select the risk model and click Connections.

See the following sections for more details:

• Risk Model Hierarchy

• Set Up Risk Models

• Assign Asset Types to a Risk Model

Risk Model Hierarchy

Risk models are structured hierarchically.

The final risk value is calculated from n Categories. Each Category value is calculated from n Factors, and each Factor value is calculated from n Calculations, Pass Thrus, Values and Factors.

Each level is displayed in the hierarchy tree in the lower section of the Risk Models screen and can be expanded or collapsed as required.

A risk model is made up of three top-level categories:

Risk Model Category	Description
Risk	Contains the logic used to determine the final risk value. Under this node, you can add Factors, and below Factors, you can add Calculations, Pass Thrus, Values and additional Factors. For each Factor, you set up a function and ultimately, the function assigned to the main Risk element combines all the factor functions beneath it.
X Value	Determines the position of the risk value on the X axis of the risk chart.
Y Value	Determines the position of the risk value on the Y axis of the risk chart.

For detailed information about setting up a risk model, see the process below.

Set Up Risk Models

You configure risk models on the Risk Models screen, which is available under Configuration ‣ Assets ‣ Risk Models.

The screen contains two main sections:

You use the standard grid toolbar (see Using the Grid) in the upper section of the screen to create, edit, delete, import and export risk models, manage assignments and view connected assets. Choosing Add or Edit opens the Add/Edit Risk Model dialog (see Add/Edit Risk Model Dialog).

You use the standard grid toolbar (see Using the Grid) in the lower section of the screen to configure the structure and logic of the selected risk model by adding and managing Factors, Calculations, Pass Thrus and Values. Choosing Add or Edit opens the Add/Edit Model Element dialog (see Add/Edit Model Element Dialog).

For detailed procedures, see:

• Create Risk Models

• Update Risk Models

Create Risk Models

Prerequisites

You have defined a risk chart that will be used by the risk model (see Configure Risk Charts).

Process

1. Go to Configuration ‣ Assets ‣ Risk Models and click Add at the top of the Risk Models screen.

2. In the Add Risk Model dialog, specify the main parameters of the risk model. For more information, see Add/Edit Risk Model Dialog.

3. In the lower section of the Risk Models screen, set up the three main risk model categories:

   1. Configure the Risk category, which contains the logic used to determine the final risk value.

      1. Create at least one factor under the Risk node by selecting the node and choosing Add ‣ Factor.

         
         

      2. Under each factor, create child elements used to determine the factor value. To do that, use one of the following methods:

         • Select the factor and choose the required child type from under the Add toolbar button.

           You can create the following types of children under a factor:

           • Another factor

           • A pass thru: You can select a field from an Asset Information Group (AIG) form and have its value passed through to the risk model.

           • A value: You can directly determine a specific value to be used in the risk model.

           • A calculation: You define a function for determining the value for the risk model.

         • Add a risk model element by copying an existing field from an AIG. To do this, select the factor and choose Shortcuts ‣ Copy from… from the toolbar or Risk ‣ Copy from… from the factor’s context menu (right-click), then select the required AIG field.

           Note

           The system copies the field definition data and field layout from the selected AIG field. Function configuration and workflow rules are not copied.

         After creating an element, you can edit it to update its parameters (see Update Risk Models).

      3. When a child element is added under a factor, a function is automatically assigned to the factor. To ensure the factor value is calculated correctly, edit the function using one of the following methods:

         • Click the function and select at the end of the row.

         • Select the function and choose Edit Function from the toolbar.

         Ensure that you set up the connection between the function elements, for example:

         
         
         

      4. After configuring all factors under the Risk node, configure the function of the main Risk node using one of the following methods:

         • Click the Risk function and select at the end of the row.

         • Select the Risk function and choose Edit Function from the toolbar.

         Ensure that you set up the connection between the function elements, for example:

         
         
         

   2. Configure the X Value category.

      The X Value category determines the position of the risk value on the X axis of the risk chart. Edit the row and assign a function that returns a value between 0 and 1.

      • 0 positions the value at the far left of the axis.

      • 1 positions the value at the far right of the axis.

      For example, if based on your risk chart, you have the Consequence values A, B, C, D, E on your X axis, you can configure the function as follows:

      
      
      

   3. Configure the Y Value category.

      The Y Value category determines the position of the risk value on the Y axis of the risk chart. Edit the row and assign a function that returns a value between 0 and 1.

      • 0 positions the value at the bottom of the Y axis.

      • 1 positions the value at the top of the axis.

Update Risk Models

Once you have created a risk model, you can update it on the Risk Models screen (Configuration ‣ Assets ‣ Risk Models).

Edit Properties and Assignments

To edit the properties and assignments of a risk model:

1. Select the required risk model in the upper section of the screen.

2. Choose Edit from the top toolbar.

The Edit Risk Model dialog allows you to:

• Update the basic properties of the risk model, such as its name, chart, model status and category.

• Assign or remove asset types.

• Add or remove library items associated with the risk model.

For more information, see Add/Edit Risk Model Dialog.

Manage Risk Model Elements

To update the structure and logic of a risk model, select the required risk model in the upper section of the screen and use the lower section of the screen to manage its elements:

Adding Elements

To add an element, select the parent factor and choose Add , then select the required element type.

Alternatively, right-click the factor and use the Add option from the context menu.

Creating Elements from AIG Fields

To create an element based on an existing AIG field:

1. Select the required factor.

2. Choose Shortcuts ‣ Copy from… from the toolbar or Risk ‣ Copy from… from the context menu.

3. Select the required AIG field.

The system copies the field definition and field layout from the selected AIG field. Function configuration and workflow rules are not copied.

Editing Elements

To edit an element:

1. Select the element in the hierarchy.

2. Choose Edit from the toolbar, or right-click the element and choose Edit.

This opens the Edit Model Element dialog, where you can modify the element’s properties.

For more information, see Add/Edit Model Element Dialog.

Removing Elements

To remove an element:

1. Select the element in the hierarchy.

2. Choose Delete from the toolbar, or right-click the element and choose Delete.

Editing Functions

Factors and Calculations can have functions assigned to them.

To modify a function:

1. Select the required element.

2. Choose Edit Function from the toolbar.

This opens the Edit Function Definition dialog, where you can review or modify the assigned function.

Note

When a child element is added under a factor, a function is automatically assigned to the factor. To ensure that the factor value is calculated, you must edit the function and configure the required connections between its elements.

For more information, see Configure Functions.

Changing Element Order

Risk model elements can be displayed in either of the following ways:

• In hierarchy grids, such as the risk model hierarchy displayed on the Risk Models screen and on the Summary tab of the risk assessment editor (available when editing a risk model from the Risk tab of the ASSETS screen).

• In forms displayed within the risk assessment editor. Factors that contain editable fields are displayed as tabs, and the child elements of those factors are displayed as fields within forms.

The display order of elements can be configured separately for grids and forms:

• To change the display order of elements in hierarchy grids, select an element and choose Field Order ‣ Grid….

• To change the display order of elements in forms, select an element and choose Field Order ‣ Form….

The dialog displays all elements at the same hierarchy level as the selected element. Use Move Up and Move Down to adjust the order.

Changing the form order of factors changes the order of the factor tabs displayed in the risk assessment editor. Changing the form order of elements within a factor changes the order of the fields displayed within the corresponding form.

Assign Asset Types to a Risk Model

Asset type assignments determine which assets can use a risk model.

When assigning a risk model on the Risk tab of the ASSETS screen, users can select only risk models that have been assigned to the asset’s type. For more information, see Assign Risk Models and Scenarios.

To assign asset types to a risk model:

1. Under Configuration ‣ Assets ‣ Risk Models, select the required risk model in the upper section of the screen.

2. Choose Edit.

3. Open the Asset Types tab.

4. Select the required asset types.

5. Click OK.

See also

• Risk

• Assign Risk Models and Scenarios

• Configure Risk Charts

• Assign Risk Models to Asset Type