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RISK ASSESSMENT AND MANAGEMENT
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Risk assessment describes the general process or method for identifying and analyzing hazards, evaluating, and controlling risks, and prioritizing the most effective controls associated with an activity. It considers the probability of harm from exposure and the potential consequence or severity of harm from exposure to a hazard.
RISK MANAGEMENT LIFE CYCLE
The shift in importance from an event to an effect, and particularly the effect on objectives, makes it clearer that managing risk is directed to achieving objectives and clarifies the fact that not all uncertain consequences arise from discrete events.