Risk Assessment 091
Risk Assessment 091 : The overall process used to determine risk management priorities by evaluating and comparing the level of risk against pre-determined standards, target risk levels or other criteria. The process is aimed to develop an understanding of a hazard and its associated risk, involving analysing a hazard to: a. identify factors influencing the risk and the range of potential consequences; b. evaluate the effectiveness of existing controls; c. estimate the likelihood of the consequence, considering exposure and hazard level; and d. combining these in some way to obtain a level of risk or to prioritise the risk for action
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