What is Risk Assessment?

A definition of Risk Assessment

“Risk assessment is a systematic process to identify, evaluate, and prioritize risks in order to minimize, monitor, and control the probability or impact of unfortunate events.”

Risk Assessment in Business Glossary - What is a Risk Assessment?

Business Glossary > What is Risk Assessment?


Examples of Risk Assessment in a Sentence:

The company conducted a risk assessment before launching the new product.

Risk assessments are essential for ensuring workplace safety.

Our team regularly performs risk assessments to mitigate potential threats.

Why is Risk Assessment Important in Business?

Risk assessment is crucial as it helps organizations identify potential threats and vulnerabilities, enabling them to implement strategies to minimize their impact. This proactive approach ensures better allocation of resources and enhances decision-making, ultimately safeguarding business interests.

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Associated Terms

Here are some associated business terms and synonyms for “Risk Assessment”:

  • Risk Evaluation
  • Hazard Assessment
  • Threat Analysis

Boeing’s Risk Assessment

Boeing conducts comprehensive risk assessments during the development of new aircraft models. This involves evaluating potential technological, financial, and environmental risks to ensure safety and reliability in their products.

Final Notes on Risk Assessment

Effective risk assessment involves regular updates and revisions as new risks emerge and existing ones evolve. A dynamic approach to risk assessment helps organizations remain resilient and adaptable in a changing environment.


This has been a definition of Risk Assessment meaning.

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