Risk assessment is a critical part of the risk analysis process. The concept of risk takes into account both the likelihood and magnitude of harm arising from an identified hazard (an unwanted event that could have a negative impact, or harm). Risk assessment is a structured and objective process to identify what hazards are relevant (hazard identification and characterization), how likely they are to happen (exposure assessment), and how significant their consequences could be (consequence assessment). Altogether, this will facilitate an understanding of the level of concern that is appropriate for each hazard.
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