An assessment of the potential risks associated with a cannabis company and its effects on both customers and employees. Typically risk assessments are based on both safety and business components.
This article's lead section may be too short to adequately summarize the key points. (February 2021) |
Risk assessment is a process for identifying hazards, potential (future) events which may negatively impact on individuals, assets, and/or the environment because of those hazards, their likelihood and consequences, and actions which can mitigate these effects. The output from such a process may also be called a risk assessment. Hazard analysis forms the first stage of a risk assessment process. Judgments "on the tolerability of the risk on the basis of a risk analysis" (i.e. risk evaluation) also form part of the process. The results of a risk assessment process may be expressed in a quantitative or qualitative fashion.
Risk assessment forms a key part of a broader risk management strategy to help reduce any potential risk-related consequences.
English
Noun
risk assessment (countable and uncountable, plural risk assessments)
- The overall process of identifying all the risks to and from an activity and assessing the potential impact of each risk.
- BBC News website, Radioactive warning on Fife beach read at [1] on 14 May 2006 - Sepa has been carrying out a risk assessment at the bay and now wants a detailed investigation to be carried out.
- The determination of the potential impact of an individual risk by measuring or otherwise assessing both the likelihood that it will occur and the impact if it should occur, and then combining the result according to an agreed rule to give a single measure of potential impact.
Related terms
- risk-assess, risk-assessed