Risk assessment

Risk assessment is a process for identifying hazards, potential (future) events which may negatively impact on individuals, assets, and/or the environment because of those hazards, their likelihood and consequences, and actions which can mitigate these effects. The output from such a process may also be called a risk assessment. Hazard analysis forms the first stage of a risk assessment process. Judgments "on the tolerability of the risk on the basis of a risk analysis" (i.e. risk evaluation) also form part of the process.^[1]^[2] The results of a risk assessment process may be expressed in a quantitative or qualitative fashion.^[3]

Risk assessment forms a key part of a broader risk management strategy to help reduce any potential risk-related consequences.^[1]^[2]

^ ^a ^b Rausand M (2013). "Chapter 1: Introduction". Risk Assessment: Theory, Methods, and Applications. John Wiley & Sons. pp. 1–28. ISBN 9780470637647.
^ ^a ^b Manuele FA (2016). "Chapter 1: Risk Assessments: Their Significance and the Role of the Safety Professional". In Popov G, Lyon BK, Hollcraft B (eds.). Risk Assessment: A Practical Guide to Assessing Operational Risks. John Wiley & Sons. pp. 1–22. ISBN 9781118911044.
^ Hodge, N. (2021), "How to Address Low-Probability, High-Impact Risks", Risk Management

[RausandRisk13-1] Rausand M (2013). "Chapter 1: Introduction". Risk Assessment: Theory, Methods, and Applications. John Wiley & Sons. pp. 1–28. ISBN 9780470637647.

[PopovRisk16-2] Manuele FA (2016). "Chapter 1: Risk Assessments: Their Significance and the Role of the Safety Professional". In Popov G, Lyon BK, Hollcraft B (eds.). Risk Assessment: A Practical Guide to Assessing Operational Risks. John Wiley & Sons. pp. 1–22. ISBN 9781118911044.

[3] Hodge, N. (2021), "How to Address Low-Probability, High-Impact Risks", Risk Management

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