Risk Assessment - An Overview
Keshav Ram Singhal
Clause 5.4 of ISO 31000:2009 deals with risk assessment and its sub-clauses are as under:
5.4.1 - General
5.4.2 - Risk identification
5.4.3 - Risk analysis
5.4.4 - Risk evaluation
Sub-clause 5.4.1 (General) defines the term risk assessment as given in Para 3.4.1 of ISO Guide 73:2009. Accordingly, risk assessment is overall process of risk identification (process of finding, recognizing and describing risks), risk analysis (process to comprehend the nature of risk and to determine the level of risk, process that provides the basis for risk evaluation and decisions about risk treatment and includes risk estimation), and risk evaluation (process of comparing the results of risk analysis with risk criteria to determine whether the risk and/or its magnitude is acceptable or tolerable, and it's a process that assists in the decision about risk treatment).
Risk assessment provides us with an improved understanding of risks. Risk assessment provides us a basis for decisions about the appropriate approach to be used to treat the risks.
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