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Risk can be calculated using the following formula:

Likelihood of an occurrence
Most likely The most likely result of the hazard / event being realized
Possible Has a good chance of occuring and is not unusual
Conceivable Might be occur at sometime in future
Remote Has not been known to occur after many years
Inconceivable Is practically impossible and has never occurred
Severity of hazard
SEVERITY (S)
Catatrophic Numerous fatalities, irrecoverable property damage and
productivity
Fatal Approximately one single fatality major property damage if
hazard is realized
Serious Non-fatal injury, permanent disability
Minor Disabling but not permanent injury
Negligible Minor abrasions, bruises, cuts, first aid type injury
RISK ASSESSMENT
Relative Risk = L x S
L = Likelihood
S = Severity
LIKELIHOOD (L) EXAMPLE
Table A
EXAMPLE
Table B
Risk Matrix
1 2 3 4
5 10 15 20
4 8 12 16
3 6 9 12
2 4 6 8
1 2 3 4
Table C
High
Medium
Low
Relative risk value can be used to prioritize necessary actions to effectively manage workplace hazards.
RISK
A HIGH risk requires immediate action to control the hazard as detailed in
the hierarchy of control. Actions taken must be documented on the risk
assessment form including date for completion.
A MEDIUM risk requires a planned approach to controlling the hazard and
applies temporary measure if required. Actions taken must be documented
on risk assessment form including date of completion.
A risk identified as LOW may be considered as acceptable and further
reduction may not be necessary. However, if the risk can be resolved
quickly and efficiently, control measures should be implemented and
recorded.
ACTION
Severity (S)
Likelihood (L)
5
4
3
2
1
DESCRIPTION
Table D
15 - 25 HIGH
5 - 12 MEDIUM
1 - 4 LOW
RISK ASSESSMENT
Relative Risk = L x S
L = Likelihood
S = Severity
EXAMPLE
Table A
EXAMPLE
Table B
5
25
20
15
10
5
Relative risk value can be used to prioritize necessary actions to effectively manage workplace hazards.
A HIGH risk requires immediate action to control the hazard as detailed in
the hierarchy of control. Actions taken must be documented on the risk
A MEDIUM risk requires a planned approach to controlling the hazard and
applies temporary measure if required. Actions taken must be documented
A risk identified as LOW may be considered as acceptable and further
reduction may not be necessary. However, if the risk can be resolved
quickly and efficiently, control measures should be implemented and
ACTION
Severity (S)
Table D