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- Risk Analysis (21)
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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
- 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.
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