Climate & Environment
Risk Assessment
Definition
Risk assessment is the systematic process of identifying hazards, analysing the likelihood and severity of harm they may cause, and evaluating the significance of the resulting risks to support decisions. It spans workplace safety (hazard identification and evaluation under OHS law), environmental assessment (ecological and human health risk assessment), and enterprise risk management (assessing strategic, financial, climate and compliance risks).
References
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This reference provides supporting context for how “Risk Assessment” is defined and used.
Overview
How it is used
The term structures OHS duties (risk assessment is the foundation of most safety law), chemical and environmental regulation, project appraisal, due diligence, and climate risk disclosure under TCFD and ISSB standards.
Why it matters
Risk assessment converts uncertainty into decision-ready structure; nearly every sustainability obligation — from workplace safety to climate disclosure — runs through it.