Risk analysis
From Wikipedia, the free encyclopedia
Risk Analysis can refer to:
- Risk analysis (engineering)
- Probabilistic risk assessment, an engineering safety analysis
- Risk analysis (Business)
‘Risk analysis’ is employed in its broadest sense
to include risk assessment, risk management and risk communication.
Risk assessment involves identifying sources of potential harm, assessing the likelihood that harm will occur and the consequences if harm does occur.
Risk management evaluates which risks identified in the risk assessment process require management and selects and implements the plans or actions that are required to ensure that those risks are controlled.
Risk communication involves an interactive dialogue between stakeholders and risk assessors and risk managers which actively informs the other processes.
Risk analysis = risk assessment + risk management + risk communication.
