04 / Dealing With Risk

Hazard, Event, Risk and Controls

Before we examine the importance of risk assessment, let us become familiar with the following terms.

Hazard

Anything with the potential to cause harm (to people, assets, the environment, the business).

Hazardous Events

An incident which has the potential to cause harm or actually results in harm.

Risk

The combination of the probability that harm will occur and the consequences of that harm.

Controls

Measures or actions that reduce or eliminate the level of risk.