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Broadly speaking, a risk assessment is the combined effort of:

  1. identifying and analyzing potential (future) events that may negatively impact individuals, assets, and/or the environment (i.e. risk analysis); and
  2. making judgments "on the tolerability of the risk on the basis of a risk analysis" while considering influencing factors (i.e. risk evaluation).[1][2]

Put in simpler terms, a risk assessment determines possible mishaps, their likelihood and consequences, and the tolerances for such events.[1] The results of this process may be expressed in a quantitative or qualitative fashion. Risk assessment is an inherent part of a broader risk management strategy to help reduce any potential risk-related consequences.[1][2]