risk assessment

a scientifically based process consisting of the following steps: i) hazard identification; ii) hazard characterization; iii) exposure assessment; and iv) risk characterization.

The process by which the risks associated with an action or inaction are identified and quantified.

As applied to dam safety, the process of identifying the likelihood and consequences of dam failure to provide the basis for informed decisions.

The process of subjectively determining the probability that a specific interplay of performance, schedule, and cost as an objective, will or will not be attained along the planned course of action. (Defense Systems Management College)

The process of identifying risks to agency operations (including mission, functions, image, or reputation), agency assets, or individuals by determining the probability of occurrence, the resulting impact, and additional security controls that would mitigate this impact. Part of risk management, synonymous with risk analysis, and incorporates threat and vulnerability analyses.

1. See risk analysis. 2. [In INFOSEC, the] process of analyzing threats to and vulnerabilities of an information system (IS) and the potential impact the loss of information or capabilities of a system would have on national security. The resulting analysis is used as a basis for identifying appropriate and cost-effective countermeasures. [INFOSEC-99] 3. The process of reviewing the threats to and vulnerabilities of a system to determine the level of risk to which it is exposed [CESG]. See also: Minimum Standards.