Multi-criteria Decision Making (MCDM) is widely used for problem-solving in various research fields and has shown good results in risk analysis as well. However, given the gaps found in previous studies in the context of risk analysis, this article proposes and conducts a novel MCDM-based HAZOP analysis: a hybrid methodology with an MCDM approach, Strategic Options Development and Analysis (SODA), and Intuitionistic Fuzzy Sets (IFS). We combine their advantages by using SODA with Intuitionistic Fuzzy Cognitive Maps and by reducing the inherent uncertainty and subjectivity of HAZOP with an IFS-based MCDM sorting algorithm. To demonstrate the usefulness and flexibility of this approach, a real application with a continuous pyrolysis system was conducted, and a comparative analysis was made of the main related studies to demonstrate the advantages of the approach now proposed. On applying it, 40 hazards were identified (seven more than a previous analysis conducted in 2016), and only 3 (7.5 %) of them required special attention. Among the positive points highlighted by the team, the most cited were the resource-saving, greater focus and objectivity, and a more realistic perception of hazards. In particular, we show that our methodology is more consistent and appropriate than those in previous related articles. To assist future users, we provide a framework for the application. (C) 2020 Institution of Chemical Engineers. Published by Elsevier B.V. All rights reserved.