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Risk Assessment

​Risk assessment is a process for identifying hazards, potential (future) events which may negatively impact on individuals, assets, and/or the environment because of those hazards, their likelihood and consequences, and actions which can mitigate these effects. The output from such a process may also be called a risk assessment. Hazard analysis forms the first stage of a risk assessment process. Judgments "on the tolerability of the risk on the basis of a risk analysis" (i.e. risk evaluation) also form part of the process.[1][2] The results of a risk assessment process may be expressed in a quantitative or qualitative fashion.[3]

Risk assessment forms a key part of a broader risk management strategy to help reduce any potential risk-related consequences.