Preventing loss of containment of materials and/or energy is a primary goal of industrial Process Safety Management programs. A thorough understanding of the hazards, identification of a complete range of failure events, detailed analysis of the consequences of failure events, and the analysis of process risks accounting for all the safeguards can help significantly in preventing and mitigating loss of containment incidents. In this article, additional details are provided on hazard assessment approaches, consequence analysis of potential events, and risk analysis for minimizing risks. (C) 2010 American Institute of Chemical Engineers Process Saf Prog 29: 308-312, 2010