Meaning of the word "risk assessment" in English

What does "risk assessment" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

risk assessment

US /ˈrɪsk əˌses.mənt/
UK /ˈrɪsk əˌses.mənt/
"risk assessment" picture

Noun

1.

a systematic process of identifying and evaluating potential risks that may harm individuals or assets, and determining the likelihood and severity of the harm.

Example:
The company conducted a thorough risk assessment before launching the new product.
Regular risk assessments are crucial for workplace safety.
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