Risk Assessment

Risk assessments are tools used to determine the value of a risk versus the benefit that may be achieved. A risk assessment is often done related to a concrete situation and are sometimes called threat assessments. A risk assessment can be done on a quantitative basis or a qualitative value, both of which will give the assessor information which they require to base a decision. (1)

A risk is usually defined as the chance of a harmful effect that will result from exposure to a specific stressor. This stressor can be physical, chemical, biological, or emotional. This stressor can induce an adverse response in an animal, ecosystem or environment in which it interacts.

Risk assessments are done in a variety of circumstances. Businesses may undergo a risk assessment when deciding to expand or even open a new store. Medical personnel will go through a risk assessment algorithm when deciding whether or not to administer chemotherapy based on specific blood work criteria. Methods of risk assessment are also used to determine financial decisions, public health risk or environmental risk.

In an effort to objectively evaluate the uncertainties and assumptions which go into decision-making, a risk assessment may be employed. Part of the difficulty is that the potential loss and probability of occurrence can be very difficult to measure depending upon the situation, be it financial, medical or military. The chance of error in the measurement of these concepts can be large and in practice very difficult to manage.

Another area in which risk assessments are used is in the insurance industry. Insurance companies make decisions about premiums based upon a risk assessment of an individual\’s health. This assessment will be expressed in terms of dollar amounts based on the anticipated loss for the insurance company.

Public health officials often used risk assessment of the process of quantifying the probability of harmful effects occurring to an individual or population from specific activities. In other words, public health officials may determine the probability for a specific population of individuals to contract the swine flu. This probability is expressed in numbers and will be the basis of new public health recommendations in order to contain any infection.

Another area in which risk assessment can be done in the public health arena is in the use of specific chemicals or in the operation of specific types of facilities. For instance power plants or manufacturing plants are not usually allowed in areas unless it can be shown that they do not increase the risk of death or illness beyond a specific threshold.

Risk assessments involve several steps which require the input of different professionals. In the first place, the hazards must be identified which are likely to cause potential adverse effects. For instance, in the case of a heart attack, medical professionals recognize that certain lifestyle choices or underlying medical conditions can increase an individual\’s risk because they are hazardous. These risks may be smoking, high blood pressure, high blood cholesterol, diabetes or physical inactivity.

The next step is to determine the relationship between those particular hazardous \”materials\” and the probability of an effect. In the case of an individual who may suffer a heart attack, physicians may weigh smoking as higher or lower risk based upon how much an individual smokes each day. The same can be true about how high or low blood pressure may be or the range outside of normal in which cholesterol falls. This particular assessment can be complex because it involves ranges of risk and cannot be quantified specifically.

And the last step in most risk assessments is to determine the amount of the contaminant or hazardous material that an individual or population will receive. In the case of an individual who is being assessed for the risk of heart attack, those who smoke and inhaled deeply will have a different exposure than those who light a cigarette and inhale only once or twice.

The results of all of this information are combined and compiled to produce an estimation of the risk that an individual or population will be susceptible to an adverse effect. A physician will sit down with the patient and discuss with them all of the risk factors that this particular individual experiences that may lead to a negative expression, a heart attack. By eliminating the highest risk behaviors the individual can decrease their risk of suffering a fatal heart attack but will never eliminate it altogether.

In this instance the patient determines an acceptable risk that they are willing to live with. Public health officials also determine an acceptable level of risk for individuals who may be exposed to potentially toxic chemicals within the community. Business owners will determine an acceptable level of financial risk when they contemplate opening a new office. In each of these circumstances a risk assessment had been completed and the information is used to make important decisions that often have an impact on the future of an individual, community, or population.

(1) Sans Technology Institute: Qualitative vs Quantitative Risk Assessment
http://www.sans.edu/research/leadership-laboratory/article/risk-assessment