Thank you for inviting me to speak this afternoon. The Difference between Risk Assessment and Risk Analysis 1. The Four Components of Risk Analysis Risk analysis is the use of a standard structured process to evaluate and manage risk. Because it is quite costly and time-consuming, it is often undertaken by a responsible body. It is a four-step process comprising hazard identification, risk assessment, risk management and risk communication.
Risk assessment is the part of analysis that evaluates risk, either qualitatively or quantitatively.
A hazard is defined as something that is potentially harmful to either humans, animals, plants or the environment. Risk cannot exist without hazard. Risk management is the process by which information and judgement are combined to balance potential benefits against assessed risk. Finally, risk communication should take place throughout the whole of the process described above. I will discuss risk management only briefly since it will be covered by other speakers later on.