Risk Assessment
Risk Assessment
Risk Assessment (pronunciation: /rɪsk əˈsɛsmənt/) is a systematic process of evaluating the potential risks that may be involved in a projected activity or undertaking.
Etymology
The term "Risk Assessment" is derived from the English words "risk" which means a situation involving exposure to danger, and "assessment" which means the evaluation or estimation of the nature, quality, or ability of someone or something.
Definition
A Risk Assessment is a process to identify potential hazards and analyze what could happen if a hazard occurs. A business impact analysis (BIA) is the process for determining the potential impacts resulting from the interruption of time sensitive or critical business processes.
Process
The process of Risk Assessment involves identifying and analyzing potential issues that could negatively impact key business initiatives or critical projects in order to help organizations avoid or mitigate those risks.
Related Terms
- Hazard Identification: The process of identifying hazards in order to reduce the risk of injury.
- Risk Management: The forecasting and evaluation of financial risks together with the identification of procedures to avoid or minimize their impact.
- Risk Analysis: A process that helps identify and assess potential threats that could affect the success of a business or project.
- Business Impact Analysis (BIA): The process for determining the potential impacts resulting from the interruption of time sensitive or critical business processes.
See Also
External links
- Medical encyclopedia article on Risk Assessment
- Wikipedia's article - Risk Assessment
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