For me, SIF is just using Process Safety Management (PSM) tools for lower-frequency, higher-severity events, whereas traditional “recordable injuries” can be managed with the traditional Safety Management System (SMS).
But here is the catch… the consequence may be more severe (serious), but the failures that led to those consequences can all be traced back to the failure of our Controls/Barriers/Safeguards – whether they be from the PSM or SMS.
For example: