How are risk assessments used to justify risk mitigation efforts?
Risk assessments are used to justify risk mitigation efforts by quantifying the level of risk associated with a particular hazard, allowing for a rational allocation of resources to reduce that risk to an acceptable level. A risk assessment involves identifying hazards, analyzing the frequency (likelihood) and consequence (severity) of those hazards, and then calculating the overall risk. The calculated risk is then compared to a predetermined risk tolerance level, which represents the level of risk that is consider....
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Gunasekar D
“Risk assessments are used to justify risk mitigation efforts by quantifying the level of risk associated with a particular hazard, allowing for a rational allocation of resources to reduce that risk to an acceptable level. A risk assessment involves idnetifying hazards, analyzing the frequency and consequences of those hazards, and then calculating the overall risk. The calcualted risk is then compared to a predetermined risk tolerance level which represents the level of risk that is considered acceptable by the organization. The risk assessment would quantity the frequency and severity of such collisions and then calculate the overall risk . If the calculated risk exceeds the risk tolerance level, then mitigation measures would be considered such as installing flash lights, gates, grade seperation .Therefore, the risk assessment provides a rational and objective basis for justifyng the implementation of risk mitigation measures.”
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