Managing risk in the chemical industry

With strategies of chemical companies always evolving to changing circumstances, I often find that "de-risking" strategies are often applied from a purely financial point of view rather than a combination of financial and process safety risks. In chemical industries, process safety risks need to be carefully studied and evaluated, as a single process incident could wipe out all the gains that you had obtained by de-risking purely from a financial point of view. Similarly, during mergers and acquisitions of chemical companies, process safety risks need to be carefully evaluated. It may cost you more if you do not heed process safety risks.
See BASF's approach to managing process safety risks in this link.