Risk assessment is the determination of quantitative or qualitative value of risk related to a concrete situation and a recognised threat (also called hazard). Quantitative risk assessment requires calculations of two components of risk (R), the magnitude of the potential loss (L), and the probability (P) that the loss will occur. Acceptable risk is a risk that is understood and tolerated usually because the cost or difficulty of implementing an effective countermeasure for the associated vulnerability exceeds the expectation of loss.
In all types of engineering of complex systems, sophisticated risk assessments are often made within safety engineering and reliability engineering when it concerns threats to life, environment or machine functioning. The nuclear, aerospace, oil, rail and military industries have a long history of dealing with risk assessment. CP-SIIG’s service providers can provide extensive risk assessments in many fields including fuel, rail, medical, hospital, social services and food industries. CP-SIIG can assist your corporation in controlling risks and by performing risk assessments on a continual basis. Methods for assessment of risk may differ between industries. Whether it pertains to general financial decisions or environmental, ecological or public health risk assessment CP-SIIG’s service providers have the most appropriate solution for your organisation.