A Loss Event is a circumstance that produces the loss and harm impacts from actual events and reflects the organisation’s own experience. The Loss Event has the potential to be the most relevant basis for analysis and management response not only the current risks but also the management of future risks.
Reference Definition by Aiche.org: Loss Event is a point in time in an abnormal situation when an irreversible physical event occurs that has the potential for loss and harm impacts. Examples include release of a hazardous material, ignition of flammable vapours or ignitable dust cloud, and overpressurization rupture of a tank or vessel. An incident might involve more than one loss event, such as a flammable liquid spill (first loss event) followed by ignition of a flash fire and pool fire (second loss event) that heats up an adjacent vessel and its contents to the point of rupture (third loss event). Generally synonymous with hazardous event.
Related Definitions in the Project: The HSE Management
