Risk Assessment

• Qualitative Risk Assessment - Involves identifying threats (or opportunities), how likely they are to happen, and the potential impacts if they do.
  
  
• Quantitative Risk Assessment- A formal and systematic method using measurable, objective data to determine an asset's value, the probability of loss and other associated risks.
  
  
• Generic Risk Assessment - Risk Assessments that are filled in but have not been adapted to a specific site or project.
  
  
• Site-Specific Risk Assessment - Adapted to a specific site, and only contain relevant information for that particular project.
  
  
• Dynamic Risk Assessment - The continuous process of identifying hazards, assessing risk, taking action to eliminate or reduce risk, monitoring and reviewing, in the rapidly changing circumstances of an operational incident.