Risk assessment is the consideration of the probable material effects of uncertain events; or in other words, “risk assessment” is the identification, measurement, and prioritization of risks and opportunities. Therefore, risk assessment and risk management are both part of modern management’s planning tools. The link between auditing and management is the assessment of risk and its consequences in achieving established objectives.
Risk assessment is a scientifically based process of evaluating the potency of a hazard and the likelihood of exposure to the hazard and then estimating the resulting public health impact. It provides a scientific framework for understanding the impact of a wide variety of variables by considering several key questions, such as:
- What is the process that leads to risk?
- What could relevant variables affect that process?
- What is the likelihood of harm?
- How much harm could occur?
- How much can that harm be reduced by various intervention strategies?
Risk assessments may be qualitative, semi-quantitative, or quantitative. Qualitative assessments usually identify a high, medium, or low level of risk. Semi-quantitative assessments may be used to prioritize risks in relation to one another. Quantitative assessments are often used to identify and evaluate food safety control points or estimate the benefits of various intervention strategies.
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