| Summary: | The Australian and New Zealand Standard on Risk Management, AS/NZS 4360:2004 (Cooper, 2004), states that risk identification is the heart of risk management. Hence risk should be identified according to the context of the transaction in order to analyze and manage it better. Risk analysis is the science of evaluating risks resulting from past, current, anticipated, or future activities. The use of these evaluations includes providing information for determining regulatory actions to limit risk, and for educating the public concerning particular risk issues. Risk analysis is an interdisciplinary science that relies on laboratory studies, collection, and exposure of data and computer modeling.
|
|---|