Safety and Risk

It is a probability of uncertain future events. The product of the probability of a hazard resulting in an adverse event. The possibility of suffering harm or loss; danger. A factor, thing, element, or course involving uncertain danger; a hazard

What is Risk?

The danger or probability of loss to an insurer. The amount that an insurance company stands to lose. The variability of returns from an investment. The chance of nonpayment of a debt.

Risk in Economics

The probable frequency and probable magnitude of future loss. The potential that a given threat will exploit vulnerabilities of an asset or group of assets and thereby cause harm to the organization.

Information Risk

Is a variable associated with an increased risk of disease or infection. Also related to the probability of an accident that will occur depending on the environment present.

Risk factor

Figure 1 Expectation of Life in the United States, 1900-2000

Condition of being protected against consequences of failure, damage, error, accidents, harm or any other event which could be considered non-desirable. Being protected from the event or from exposure to something that causes health or economical losses. Safety can also be defined to be the control of recognized hazards to achieve an acceptable level of risk.

What is Safety?

Safety engineering assures that a life-critical system behaves as needed even when components fail. Safety engineers are assigned to prove that an existing, completed design is safe. Propose safety requirements in design specifications up front and changes to existing systems to make the system safer.

Safety Engineering

The REGULATION of risks to health and safety has taken on ever-greater importance in public policy debatesand actions. In its efforts to protect citizens against hard-to-detect hazards such as industrial chemicals and against obvious hazards in the workplace and elsewhere, the government created agencies to regulate them.

Regulation = Safety

Many government agencies set safety standards for matters under their jurisdiction, such as:
the Food and Drug Administration the Consumer Product Safety Commission the United States Environmental Protection Agency

Government agencies

Eliminating all risk, if even possible, would be extremely difficult and very expensive. A safe situation is one where risks of injury or property damage are low and manageable.

Safety is only relative!