Definition of
risk assessment
determination of how risky something is the determination of the level of risk in a specific course of action. Risk assessments are an important tool in areas such as health and safety management and environmental management. Results of a risk assessment can be used, for example, to identify areas in which safety can be improved. Risk assessment can also be used to determine more intangible forms of risk, including economic and social risk, and can inform the scenario planning process. The amount of risk involved in a specific course of action is compared to its expected benefits to provide evidence for decision making.
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