Definitions of terms in the Risk Analysis Framework used by the Regulator
(* terms defined as in Australia New Zealand Risk Management Standard AS/NZS 4360:2004)Consequence
outcome or impact of an adverse event
- Marginal: there is minimal negative impact
Minor: there is some negative impact
Major: the negative impact is severe
occurrence of a particular set of circumstances
Hazard*
source of potential harm
Hazard identification
the process of analysing hazards and the events that may give rise to harm
Intermediate
the negative impact is substantial
Likelihood
chance of something happening
- Highly unlikely: may occur only in very rare circumstances
Unlikely: could occur in some circumstances
Likely: could occur in many circumstances
Highly likely: is expected to occur in most circumstances
to check, audit, review and evaluate the progress of an activity, process or system on an ongoing basis to identify change from the performance level required or expected and opportunities for improvement
Risk
the chance of something happening that will have an undesired impact
- Negligible: risk is insubstantial and there is no present need to invoke actions for mitigation
Low: risk is minimal but may invoke actions for mitigation beyond normal practices
Moderate: risk is of marked concern requiring mitigation actions demonstrated to be effective
High: risk is unacceptable unless actions for mitigation are highly feasible and effective
the overall process of risk assessment, risk management and risk communication
Risk analysis framework
systematic application of legislation, policies, procedures and practices to analyse risks
Risk assessment
the overall process of hazard identification and risk estimation
Risk communication
the culture, processes and structures to communicate and consult with stakeholders about risks
Risk Context
parameters within which risk must be managed, including the scope and boundaries for the risk assessment and risk management process
Risk estimate
a measure of risk in terms of a combination of consequence and likelihood assessments
Risk evaluation
the process of determining risks that require treatment
Risk management
the overall process of risk evaluation, risk treatment and decision making to manage potential adverse impacts
Risk management plan
integrates risk evaluation and risk treatment with the decision making process
Risk treatment*
the process of selection and implementation of measures to reduce risk
Stakeholders*
those people and organisations who may affect, be affected by, or perceive themselves to be affected by a decision, activity or risk
States
includes all State governments, the Australian Capital Territory and the Northern Territory governments
Uncertainty
imperfect ability to assign a character state to a thing or process; a form or source of doubt