Definitions of terms in the Risk Analysis Framework used by the Regulator

(* terms defined as in Australia New Zealand Risk Management Standard AS/NZS 4360:2004)

Consequence
outcome or impact of an adverse event

    Marginal: there is minimal negative impact
    Minor: there is some negative impact
    Major: the negative impact is severe
Event*
occurrence of a particular set of circumstances

Hazard*
source of potential harm

Hazard identification
the process of analysing hazards and the events that may give rise to harm

Intermediate
the negative impact is substantial

Likelihood
chance of something happening

    Highly unlikely: may occur only in very rare circumstances
    Unlikely: could occur in some circumstances
    Likely: could occur in many circumstances
    Highly likely: is expected to occur in most circumstances
Quality control
to check, audit, review and evaluate the progress of an activity, process or system on an ongoing basis to identify change from the performance level required or expected and opportunities for improvement

Risk
the chance of something happening that will have an undesired impact

    Negligible: risk is insubstantial and there is no present need to invoke actions for mitigation
    Low: risk is minimal but may invoke actions for mitigation beyond normal practices
    Moderate: risk is of marked concern requiring mitigation actions demonstrated to be effective
    High: risk is unacceptable unless actions for mitigation are highly feasible and effective
Risk analysis
the overall process of risk assessment, risk management and risk communication

Risk analysis framework
systematic application of legislation, policies, procedures and practices to analyse risks

Risk assessment
the overall process of hazard identification and risk estimation

Risk communication
the culture, processes and structures to communicate and consult with stakeholders about risks

Risk Context
parameters within which risk must be managed, including the scope and boundaries for the risk assessment and risk management process

Risk estimate
a measure of risk in terms of a combination of consequence and likelihood assessments

Risk evaluation
the process of determining risks that require treatment

Risk management
the overall process of risk evaluation, risk treatment and decision making to manage potential adverse impacts

Risk management plan
integrates risk evaluation and risk treatment with the decision making process

Risk treatment*
the process of selection and implementation of measures to reduce risk

Stakeholders*
those people and organisations who may affect, be affected by, or perceive themselves to be affected by a decision, activity or risk

States
includes all State governments, the Australian Capital Territory and the Northern Territory governments

Uncertainty
imperfect ability to assign a character state to a thing or process; a form or source of doubt