Risk assessment matrix
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):
- Identify their most important (critical) processes and functions
- Identify threats most likely to impact those processes and functions
- Determine the vulnerability of critical functions and processes to those threats
- Prioritize deployment of personnel and resources in order to maintain continuous operation of critical functions and processes.
Figure 1:Examples of types of risk Categories for an Engineering Project(1).