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Safety, health, and environmental professionals should develop an understanding of standards and guidelines prescribing operational risk assessment for organizations, and their importance in shaping the SH&E professional’s role in occupational safety and health. The key terms and definitions for operational risk assessment and management reviewed in this chapter are fundamental and should be in every SH&E professional’s vocabulary. As the operational risk profession matures, reference to these standards and future trends in standard development regarding the practice of risk assessment will be required.