Risk Assessment: A risk assessment is the process of evaluating and ranking the risk resulting from a hazard. A risk is typically evaluated for severity and frequency, and then assigned a “risk level.” A risk matrix is commonly used to determine risk levels (e.g., high, medium, low), and is a critical component of the risk assessment program. After the risk level has been determined, it’s important to determine whether the risk is acceptable or not, a determination which is not always clear-cut. For example, a “low” risk does not always imply acceptable risk, particularly when the consequences are severe (e.g., death).


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