Introduction to Risk Analysis Flashcards
What is the definition of risk?
a situation that involves exposure to a danger or a consequence
What is risk a product of?
Risk is a product of probability of consequence (Likelihood X Impact)
Why may you conduct a risk analysis?
To meet international standards according to the Sanitary
and Phytosanitary Measures (SPS) agreement of the World
Trade Organisation
What is the definition of a risk analysis?
A formal method to identify,
evaluate and manage hazards and risks
that is employed in many parts of life –
business, workplace including laboratories
and in animal health.
What are the three components of a risk analysis?
- Risk assessment
- Risk Management
- Risk communication
What are the 4 steps that comprise a risk assesment?
- Hazard identification (what is the agent of concern)
- Hazard characterisation (what are the consequences of exposure to the hazard)
- Exposure assesment (who or what may be affected by the hazard)
- Risk characterisation (how likely is the adverse outcome to occur)
What is hazard identification?
Identifying the agent of concern
What is hazard characterisation?
Naming the consequences of exposure to the hazard
What is an exposure assesment?
Naming who or what may be affected by the hazrd
What is risk characterisation?
Naming how likely it is that the adverse reaction occurs
When is a risk assesment required?
It is needed for a scientific based evaluation of risk
What are the steps in a risk assesment?
- Frame the question
- identify potential risk factors
- Outline the risk release pathway
- Collect the information
- Assess the risk
- Evaluate intervention measures
What is the definition of risk management?
The process of identifying measures or actions that reduce the risk to an acceptable level
What are risk managers?
decision-makers, e.g politicians or owners of enterprises- they are not typically responsible for the risk assesment
What is risk mitigation?
- Risk mitigation is defined as taking steps to avoid adverse effects
What does risk mitigation include?
- Risk acceptance
- Risk avoidance
- Risk limitation
- Risk transferance
How can you engage stakeholders in risk analysis?
- Sharing the outcome of a risk assesment
- Discuss options for risk management
- Promotion of risk management messages, through social media etc.
What is a quantitative Risk Assesment?
- Delivers a numerical result
- More detailed and exacting
- Demands reliable data
- benefits from intervention
What is a qualitative Risk Assesment?
- No numeric estimate but has a ranked scale
- based on opinion
- relatively rapid
What expertise is required for a risk assesment?
- Experts on the hazard that is being evaluated
- Experts with knowledge on the risk factors
What is the approach for gathering evidence?
- Organise a workshop with experts
- develop a questionnaire requesting information on an estimation about the probability and consequence of each of the risks
What is the deterministic model of a quantitative risk assesment?
parameters are defined as a constant
What is the stochastic model of a quantitative risk assesment?
The value of parameters vary and is estimated to be different in every iteration
What do you need to consider in a risk question?
- Outcome
- Hazard
- Population
- Time period
How may you qualitively rank a risk?
- Negligible
- Very low
- Moderate
- High
- Very high
What is the difference between the stoichastic and deterministic model
The stoichastic model incorporates randomness and uncertainty into the modelling process
What is the definition of uncertainty?
Facts that can be known with certainty but are not currently known by the observer
obtaining more information can reduce this type of uncertainty
What is the definition of variability?
inherent varaibility in the physical world that cannot be known for certain
-this type of uncertainty cannot be reduced
