March 2014, Vol. 241 No. 3

Features

Developments Toward Unified Pipeline Risk Assessment Approach

A certain amount of standardization in any process can be beneficial to stakeholders. In the case of pipeline risk assessment, standardization establishes process acceptability. This leads to consistent and fair regulatory oversight as well as minimum levels of analysis rigor. On the other hand, too much standardization – a prescriptive approach – almost always adds inefficiency to any process. A mandated “one size fits all” risk assessment approach requires substantial overhead related to the establishment and documentation of the approach and then significant training for users and auditors. These costs are not the only downside. Innovation and creativi

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