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Risk is the lack of certainty about the outcome of making a particular choice. Statistically, the level of downside risk can be calculated as the product of the probability that harm occurs (e.g., that an accident happens) multiplied by the severity of that harm (i.e., the average amount of harm or more conservatively the maximum credible amount of harm).
Automotive Safety Integrity Level (ASIL) is a risk classification scheme defined by the ISO 26262 - Functional Safety for Road Vehicles standard. This is an adaptation of the Safety Integrity Level (SIL) used in IEC 61508 for the automotive industry. This classification helps defining the safety requirements necessary to be in line with the ISO ...
R-phrases (short for risk phrases) are defined in Annex III of European Union Directive 67/548/EEC: Nature of special risks attributed to dangerous substances and preparations. The list was consolidated and republished in Directive 2001/59/EC, [ 1 ] where translations into other EU languages may be found.
Should the risk assessment establish that the required SIL cannot be achieved by a SIL4 SIF, then alternative arrangements must be designed, such as non-instrumented safeguards (e.g, a pressure relief valve). [1] There are several methods used to assign a SIL. These are normally used in combination, and may include: [1] Risk matrices; Risk graphs
The values of are set based on expert opinion, the type and prevalence of the measured risk, consequences of miss-classification, etc. For example, a risk of 9 out of 10 will usually be considered as "high risk", but a risk of 7 out of 10 can be considered either "high risk" or "medium risk" depending on context.
Risk analysis is more easily achieved if, after identification, the risks are placed in proper perspective within the RBS by categorizing the risks in the various levels. Risk analysis involves the use of techniques for prioritizing the risk, determining the probability of the risk, and calculating the impact of the risk.
Risk and Safety Statements, also known as R/S statements, R/S numbers, R/S phrases, and R/S sentences, is a system of hazard codes and phrases for labeling dangerous chemicals and compounds. The R/S statement of a compound consists of a risk part (R) and a safety part (S), each followed by a combination of numbers.
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]