While efforts to use digital solutions in process operations are gaining wider acceptance, there are serious safety concerns that need to be addressed when adopting digitalization. Safety issues have also evolved with digitalization, from simple equipment failure to failure of process systems (equipment with electronic systems), monitoring and control systems, data encryption systems, and most recently, software systems. How these evolving process safety issues are understood and addressed will govern the overall safety of process facilities. Therefore, proactively converting this challenge to opportunity and developing digital process safety solutions more holistically. Dynamic risk management is one approach to address this challenge. The concept of creating a dynamic risk profile for a processing system encompasses the likelihood and consequences of a given abnormal event. Dynamic risk estimation uses Bayesian theory to update the probability of an event occurrence and a generalized consequence algorithm to obtain the given event’s relative consequences. This approach results in a risk function with predictive capabilities and the ability to be updated with time. This talk also touches on system advances from a digitalization perspective and the dynamic risk management approach’s details.