Risk assessment aims to estimate the risks posed by inherent hazards involved in processes or situations, either quantitatively or qualitatively. Risk is often defined as the combination of the probability, or frequency, of an occurrence of a defined hazard and the magnitude of the consequences of that occurrence. Risk is usually estimated by incorporating a measure of the likelihood of the hazard actually causing harm, and a measure of the severity of harm in terms of the consequences to people and/or the environment. Risk assessment can be informed by forward-looking approaches such as forecasting and foresight.
EEA. 1998. Environmental Risk Assessment – Approaches, Experiences and Information Sources.