Risk analysis is a structured process for identifying, assessing, and managing potential problems, which helps to achieve the appropriate level of safety. Briefly, it consists of hazard identification, risk assessment, risk management, and risk communication. The process of risk analysis includes:
- Identifying harms that might result from the particular activity that is under consideration
- Considering the possible pathways by which that activity might cause harm to human or animal health, the environment, or socioeconomic welfare
- Evaluating the likelihood that the harm will occur and the likely consequences under scenarios relevant to the planned actions, which will characterize the risks associated with the activity
- Preparing plans to avoid or reduce any identified risks through risk management.
- Communicating with involved decision-makers and stakeholders throughout the process to enable them to identify concerns, contribute ideas, and decide upon the acceptability of any identified risks. The process culminates in decision-making by national authorities and stakeholders about the acceptability of any remaining risks in the context of potential benefits.
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