The assessment of risk

In this paper risk is used in a qualitative way to describe the intuitive combination of the likelihood and the consequences of possible events. Risk assessment is then the process of estimating the probabilities and consequences of events, and of establishing the likely accuracy of these estimates. There is no element of social or economic judgement in risk assessment. By contrast, the use of the results of risk assessments must take account of the way in which people react to real or imagined risks. The subject is discussed under the headings: the objectives of risk assessment; methods of risk assessment; the acceptability of risk; some applications of risk assessment by the Health and Safety Executive. (author)