What are the three primary components used in a risk assessment?

The three primary components used in a risk assessment are hazard identification, frequency analysis (or probability assessment), and consequence analysis (or severity assessment). Hazard identification is the process of identifying potential sources of harm or danger. This involves systematically examining all aspects of an operation or activity to identify anything that could cause injury, illness, or damage. Frequency analysis involves estimating the likelihood or probability of each identified hazard occurring. This can be based on historical data, expert judgment, or other relevant information. The frequency is typically expressed as a numerical value, such as the number of occurrences per year or the probability of occurrence within a specific timeframe. Consequence analysis involves evaluating the potential severity or impact of each identified hazard if it were to occur. This includes considering the potential for injury, illness, property damage, environmental damage, and other negative outcomes. The consequence is typically categorized as minor, moderate, or severe, based on the potential for harm. These three components are combined to determine the overall risk associated with each hazard. Risk is typically defined as the product of the frequency and consequence. The risk assessment process provides a framework for prioritizing hazards and implementing appropriate control measures to reduce the risk to an acceptable level. For example, a risk assessment of a railway track maintenance activity might identify the hazard of being struck by a train. The frequency of this hazard occurring might be estimated based on historical data and the volume of train traffic. The consequence of being struck by a train would be classified as severe, given the potential for serious injury or death. The overall risk would then be calculated based on the frequency and consequence, and control measures such as trackside warnings, lookouts, and speed restrictions would be implemented to reduce the risk.