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Risk assessment Definition

Risk assessment refers to process of recognizing, analyzing and rectifying hazards and factors of risk. In a world that is filled with risk, companies, institutions and governments need to constantly perform risk assessment to keep away from hazards.

Looking at risk assessment as a broader picture, there are three main steps involved. These steps are:

  • Risk assessment- in this process the risk is identified and is set apart to analyze the potential damage it can cause.

  • Risk analysis- in this process, the risk is analyzed to understand the kind of damage it can cause. Also, it involves the process of understanding the underlying cause for the risk itself.

  • Risk elimination- in the final part of the process, it is important to mitigate the risk and ensure that a further relapse is prevented. In conditions where the risk cannot be completely eliminated, it is controlled to ensure minimal damage and easy recovery. This is often referred to as risk control.

It is important to perform risk assessment. Firstly, it provides an awareness of what the hazard is and the risk it implies on the existing condition. Secondly, it helps protect people and preserve property and data that may be affected directly or indirectly by the hazards posed by the risk. Thirdly, it helps to evaluate the existing measure to check their efficiency and competency to sustain and control a risk.

The final goal of the overall risk assessment process is to understand the outcome of a risk and what the circumstances are, the consequences and also, to eliminate a risk or control it effectively.     

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