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Risk assessment determines possible mishaps, their likelihood and consequences, and the tolerances for such events. [1] The results of this process may be expressed in a quantitative or qualitative fashion. Risk assessment is an inherent part of a broader risk management strategy to help reduce any potential risk-related consequences. [1] [2]
ISO 31000 is a family of international standards relating to risk management codified by the International Organization for Standardization. [1] The standard is intended to provide a consistent vocabulary and methodology for assessing and managing risk, resolving the historical inconsistencies in the ways risk are described.
Operational risk management (ORM) is defined as a continual recurring process that includes risk assessment, risk decision making, and the implementation of risk controls, resulting in the acceptance, mitigation, or avoidance of risk.
Occupational risk assessments provide this information, allowing limits for safe levels to be put in place. By maintaining appropriate standards, employees’ well-being is protected. A United States public health organization that conducts occupational risk assessments is the National Institute for Occupational Health and Safety (NIOSH ...
Example of risk assessment: A NASA model showing areas at high risk from impact for the International Space Station. Risk management is the identification, evaluation, and prioritization of risks, [1] followed by the minimization, monitoring, and control of the impact or probability of those risks occurring. [2]
Center for Chemical Process Safety (1992). Guidelines for Hazard Evaluation Procedures, with Worked Examples (2nd ed.). Wiley-American Institute Of Chemical Engineers. ISBN 0-8169-0491-X. Bahr, Nicholas J. (1997). System Safety Engineering and Risk Assessment: A Practical Approach (Chemical Engineering) (1st ed.). Taylor & Francis Group.
and "Risk assessment is the identification and analysis of relevant risks to achievement of the objectives." The SOX guidance states several hierarchical levels at which risk assessment may occur, such as entity, account, assertion, process, and transaction class. Objectives, risks, and controls may be analyzed at each of these levels.
Risk management is defined for the purposes of the Codex Alimentarius Commission as "The process, distinct from risk assessment, of weighing policy alternatives, in consultation with all interested parties, considering risk assessment and other factors relevant for the health protection of consumers and for the promotion of fair trade practices, and, if needed, selecting appropriate prevention ...
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