A Few Definitions…

Risk Analysis, Assessment, Management, based on [1] AS/NZS 4360:1999 and [2] NS 5814

• • Risk Analysis [1]: A systematic use of available information to determine how often specified events may occur and the magnitude of their consequences. Risk Analysis [2]: A systematic approach for describing and/or calculating risk. Risk analysis involves the identification of undesired events, and the causes and consequences of these events.

  • Risk Evaluation [1]: The process used to determine risk management priorities by comparing the level of risk against predetermined standards, target risk levels or other criteria. Risk Evaluation [2]: A comparison of the results of a risk analysis with the acceptance criteria for risk and other decision criteria.

  • Risk Assessment [1]: The overall process of risk analysis and risk evaluation

  • Risk Management [1]: The culture, processes and structures that are directed towards the effective management of potential opportunities and adverse effects.

  • Risk Management Process [1]: The systematic application of management policies, procedures and practices to the tasks of establishing the context, identifying, analyzing, evaluating, treating, monitoring and communicating risk.