The risk management process has become an increasingly relevant issue for decision-making in organizations. Add to this, in some situations, the increased complexity of industrial systems and activities. In parallel, tools and methodologies must be applied that support activities associated with risk management. One of the methodologies applied in the industrial context is HAZard and OPerability study (HAZOP). Due to some limitations noted in HAZOP, this article presents an approach called Multicriteria HAZOP (MHAZOP) with a view to contributing to the process of risk management. The steps of multidimensional modeling are described in a structured framework. Using multi-criteria modeling based on Multi-Attribute Utility Theory (MAUT), aspects such as hazard scenarios, multiple consequence dimensions, and a decision-maker’s preferences regarding risk are incorporated into the proposed analysis. As a result, the model presents an ordering of potential unwanted events, thus enabling actions to be implemented that eliminate or mitigate existing risks.