![]() 2 Risk analysis is finalized to understand the nature, sources and causes of the risks identified and to estimate the level of risk and risk evaluation is used to compare risk analysis results with risk criteria in order to determine whether or not a specified level of risk is acceptable or tolerable and identifying where additional action is required. 5–8 Risk identification is used to find, recognize and describe the hazard that could affect the achievement of objectives. 4 In this scheme risk assessment is the term that covers three successive stages: risk identification, risk analysis and risk evaluation. 3 A general risk management scheme, within the international risk management standards ISO 31000, consist of a few key stages, namely: (i) organizational context definition (ii) risk identification, (iii) risk analysis, (iv) risk evaluation, (v) risk treatment, (vi) monitoring and review, and (vii) communication and consultation, that covers the whole process ( Figure 1). ![]() 2 Risk management is defined in the literature as “all the activities connected with hazard identification, assessment, selection of appropriate responses and risk monitoring”. 1 A common definition of risk is “the chance of something happening that will have an impact on the achievement of the stated organizational objectives”. Risk is an essential part of everyday life and risks are unavoidable in any complex program.
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