What is the process of measuring and assessing risk for a facility called?

The process of measuring and assessing risk for a facility is known as risk assessment. This process involves identifying potential hazards, evaluating their likelihood and impact, and determining the overall risk associated with them. It provides a foundational understanding of the risks present, which can then inform further actions regarding risk management.

Risk assessment is a critical first step in the broader process that might include risk analysis, which involves a deeper investigation into the data collected during risk assessment, assessing the implications of the risks, and considering various factors that might influence these risks. Risk management encompasses the strategies and processes put in place to address the risks identified through assessment and analysis, whereas risk mitigation refers specifically to the short-term tactics employed to minimize risks. Understanding this chain of processes helps in comprehensively addressing safety and operational concerns within a facility.