What are the different levels of risk, and how are they determined in a risk assessment?
In general, risk assessment involves the identification of potential hazards, the analysis of the likelihood and severity of harm that could result, and coming up with appropriate measures to manage or mitigate those risks. The levels of risk associated are often categorised based on factors such as the likelihood of an incident or harm occurring, the potential severity or impact of that harm, and the overall level of uncertainty or variability in the risk assessment process.
Some common risk level categories include low, medium, and high risk, with more specific definitions and criteria used to determine which category a particular risk falls into. Ultimately, the goal of a risk assessment is to ensure that risks are effectively managed and balanced against other important factors such as cost, feasibility, and stakeholder input.