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Risk assessment
What Is Risk assessment?
Risk assessment is the process of identifying, analyzing, and evaluating potential risks to an organization, project, or individual. It involves identifying the potential risks, assessing their likelihood and severity, and then taking steps to reduce or eliminate them. Risk assessment is an important part of any organization's risk management strategy, as it helps to identify and prioritize risks, and to develop strategies to mitigate them. Risk assessment can also be used to identify potential opportunities and to develop strategies to capitalize on them.
Description
Risk assessment is the process of identifying, analyzing, and evaluating potential risks to an organization, project, or individual.
Usage and Examples
Risk assessment is used in a variety of contexts, including business, finance, healthcare, and engineering. For example, a business may use risk assessment to identify potential risks to its operations, such as changes in the market, competition, or technology. A financial institution may use risk assessment to identify potential risks to its investments, such as changes in interest rates or currency exchange rates. A healthcare organization may use risk assessment to identify potential risks to patient safety, such as changes in medical technology or new diseases. An engineering organization may use risk assessment to identify potential risks to its projects, such as changes in materials or design.
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