The objectives of risk analysis are to separate the minor acceptable risks from the major risks, and to provide data to assist in the evaluation and treatment of risks. Risk analysis involves consideration of the sources of risk, their consequences and the likelihood that those consequences may occur. Risk is analysed by combining estimates of likelihood and consequences in the context of existing control measures. A risk analysis is essentially a what if analysis where various scenarios are visualised. It is a proactive activity based partly on experience.
Operational risk is that risk which arises during performance of work in industry.
All work is a process. For example radioactive isotopes have a nucleus which is unstable, and will release energy in the form of radiation. It should be noted that the outrage factor must be considered as part of the consequences of an incident. The outrage factor can greatly magnify risk. We can however, assess the likelihood of an incident by using statistics to measure probability in many cases.