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The process of planning, preparing, performing, and reporting a risk analysis, and evaluating the results against risk acceptance criteria.

Figure 3.1 Risk assessment as a combination of risk analysis and risk evaluation.

In addition to planning, preparing, and reporting, risk assessment consists of two main analytical parts: risk analysis and risk evaluation, as shown in Figure 3.1 . First, a risk analysis is carried out to identify and describe relevant accident scenarios and likelihoods, which together, define the risk. The second part, risk evaluation, compares the risk determined by the risk analysis with risk acceptance criteria, as discussed in Chapter 5.