Q. What is Risk Assessment?
A. The identification, evaluation, and estimation of the levels of risks involved in a situation, their comparison against benchmarks or standards and determination of an acceptable level of risk from which to proceed.
Risk assessment is the identification, assessment and prioritising of risk associated with an action, activity, process or procedure whether positive or negative.
This is followed by the application of resources, processes or procedures to minimize, monitor, and control the probability and/or impact of incident or accident related to the risk.
The strategies to manage risk can typically include: eliminating the risk, isolating the risk, reducing the effect or probability of the risk, or even accepting some or all of the potential or actual consequences of a particular risk.
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