Risk Analysis

Risk analysis involves developing an understanding of risk, which is an important step in the risk management process, and provides the foundation upon which informed decisions on mitigation may be based. Analysing risk allows priority areas to be targeted for mitigation and can assist in the allocation of limited resources. Risk analysis may therefore play an important role in cost?benefit studies, which compare the costs of a particular action or project against its potential benefits.

This Seminar provides an overview of risk analysis, with a particular focus on assessing the components of likelihood and consequence. Three factors which contribute to risk?hazard, exposure and vulnerability?are introduced.