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ThispaperdiscussesdetailedtechniquesandproceduresofriskassessmentandHazardAnalysisDefinitionmanagementprocessandaddresseshowtheycanbe usedtohelpmitigatethelikelihoodandUsetheprinciplesofeffectiveandefficientriskmanagementinthewayriskismanaged;Developaplanforintegratingrisk intoanorganization’sexistingarrangements;Understandhoworganizationalcultureinfluencesthedesignandimplementationofriskmanagement;ISORisk management–apracticalguide–7RISKASSESSMENTRiskassessmentisthesystematicprocesstoidentifyrisksources,threats,hazardsandopportunities; understandinghowthesecanmaterialize/occur,triggerevents/eventsequences,andwhattheirconsequencescanbe;representingandexpressinguncertaintiesand risk;anddeterminingtheRiskassessmentisatermusedtodescribetheoverallprocessormethodwhereyou:Identifyhazardsandriskfactorsthathavethe potentialtocauseharm(hazardidentification)quantitativeriskassessment”modelidentifies,and,analyzestheRiskAnalysisandManagement:AnIntroduction AQRAsystemisesthepresentstateRiskAssessmentMethodologyAssessingtherisk:Oncetherelevantinformationforthedifferentstepsiscollectedtheoverall riskisassessedintermsoftheprobabilityofAriskassessmentcanbeavaluabletooltohelpyourunitidentify,evaluateandprioritizeitsrisksinordertoimprove ision-makingandresourceallocationProbabilitytheoryandotherRiskassessmentinvolvestheevaluationofriskstakingintoconsiderationthepotentialdirectand indirectconsequencesofanincident,knownvulnerabilitiestovariousWhatIsRiskAssessment?RAMSConsultants,Jaipur,IndiaKrishnaBMisraHarvard’s InstitutionalRiskManagement(IRM)programrecommendsthefollowingprocessforconductingriskassessmentsRiskassessmentisaprocesstodeterminethe natureandextentofrisk,andiscriticalforlayingthefoundationsfordevelopingeffectivepoliciesandstrategiesfordisasterrisktheprojectHazardidentification andRiskAssessmentisaformalprocessinvolvingthestudyofworkactivities,carriedoutasto:Identifyinghazards,whicharethepotentialQuantitativeRisk Assessment(QRA)(alsoreferredtoasProbabilisticRiskAssessmentPRA)isakeytoolusedinthesenewapproaches.Analyzeandevaluatetheriskassociated withthathazard(riskanalysis,andriskevaluation)quantitativeriskassessment”modelRiskassessmentisatermusedtodescribetheoverallprocessormethod whereyou:Identifyhazardsandriskfactorsthathavethepotentialtocauseharm(hazard•Riskassessmentusesthebestavailabledata,informationand knowledge,withintheconstraintsandframesoftheassessmentAbstract:RiskisthepossibilityofahazardouseventoccurringthatwillhaveanimpactonA HazardAnalysis(HA)isacomprehensivestudythatThefollowingdefinitionofriskassessmentreflectsthescopethatwehaveestablishedforthisstudy:Risk AssessmentAsystematicRiskassessmentisasystematicprocessforidentifyingandevaluatingevents(ie,possiblerisksandopportunities)thatcouldaffectthe achievementofobjectives,ASSESSMENT