Risk assessment is that part of risk management which provides a structured process that identifies how objectives may be affected, and analyses the risk in term of consequences and their probabilities before deciding on whether further treatment is required. Risk assessment attempts to answer the following fundamental questions: • What can happen and why (by risk identification)? • What are the consequences? • What is the probability of their future occurrence? • Are there any factors that mitigate the consequence of the risk or that reduce the probability of the risk? • Is the level of risk tolerable or acceptable and does it require further treatment? RISK ASSESSMENT
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