Defining Elements of Risk Management - QT

Lesson Quicktakes cover the items that should be memorized from each of the wifiCFI Lessons. They do not cover all of the lesson details in-depth.

WHAT IS RISK?

The future impact of a hazard that is not controlled or eliminated.

TYPES OF RISK:

Total Risk = Sum of identified and unidentified risks

Identified Risk = Risk that has been determined.

Unidentified Risk = Risks not yet identified.

Acceptable Risk = Risk that is allowed to persist.

Unacceptable Risk = Risk that cannot be allowed to persist.

Residual Risk = Risk remaining after safety efforts have been fully employed.