Risk assessment matrix

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Risk Assessment Introduction

Risk assessment is the process of risk analysis and risk evaluation. The concept of risk is defined as the probability and severity that a hazard will occur, where a hazard is defined as a condition with the potential for causing an undesirable consequence. A risk analysis is performed as a quantitative evaluation of the risk of an activity.

Risk assessment is performed in safety engineering, reliability engineering, and environmental engineering. It is a key part of any engineering project, both large and small scale. Common risk assessment is performed using a risk matrix, a tool used to determine the severity and probability of an accident independently from one another. Criteria for information to be analyzed using a Risk Matrix model (State, 2004):

1.Identify their most important (critical) processes and functions 2.Identify threats most likely to impact those processes and functions 3.Determine the vulnerability of critical functions and processes to those threats 4.Prioritize deployment of personnel and resources in order to maintain continuous operation of critical functions and processes.