Article: Risk Assessment

A review of the fundamental principles

THE FUNDAMENTALS OF RISK ASSESSMENT are common across the various methods available:

* Identify hazards.

* Assess risk.

* Reduce risk.

* Document results.

The goal of risk assessment is to reduce risks to an acceptable (or tolerable) level. (The terms "acceptable risk" and "tolerable risk" are synonomous in this context. see Main for further discussion.) The risk reduction process is not completed until tolerable risk is achieved. Figure 1 illustrates the overall risk assessment process, which comprises seven steps. This article identifies preparations that need to occur before a risk assessment begins, and presents the basic risk assessment process in ...

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