Risk Assessments

Broadly speaking, a risk assessment is the combined effort of identifying and analyzing potential events that may negatively impact individuals, assets, and/or the environment and making judgments on the tolerability of the risk-based on risk analysis while considering influencing factors. Put in simpler terms, a risk assessment determines possible mishaps, their likelihood and consequences, and the tolerances for such events.

Rapid technological change, increasing scale of industrial complexes, increased system integration, market competition, and other factors have been shown to increase societal risk in the past few decades. As such, risk assessments become increasingly critical in mitigating accidents, improving safety, and improving outcomes.