Risk refers to the chance of an unwanted event.
RISK=Severity of hazard x Probability of occurrence
R = S x P
Risks in declining order:
- loss of life
- permanent disability
- non-permanent damage
- minor injury
- financial loss
The severity of a hazard and the probability of its occurrence affect the number of people who are exposed to a risk.
Tips for assessing risks
- Decide what risks should be assessed. Document risks together with reasons and consequences.
- Brainstorming is useful in assessing risks.
- Consider regular and non-regular use of the good or service.
- Also consider assembly and disassembly of the product and younger-than-intended users.
- Many services involve several risks. Assess their combined effect and anticipate the worst possible scenario.
- Plan a quality control system and write down procedures.
- Ensure that defective batches can be tracked if necessary. One was it to use special batch identification codes.
- Test goods before they are put on sale. Many product categories are covered by standards which define minimum safety requirements.