MANAGEMENT

Detailed explanation-1: -Risk = Likelihood x Severity The risk is how likely it is that harm will occur, against how serious that harm could be. The more likely it is that harm will happen, and the more severe the harm, the higher the risk.

Detailed explanation-2: -The levels are Low, Medium, High, and Extremely High. To have a low level of risk, we must have a somewhat limited probability and level of severity. Notice that a Hazard with Negligible Accident Severity is usually Low Risk, but it could become a Medium Risk if it occurs frequently.

Detailed explanation-3: -Risk rating bands These bands are available below: minimal risk: a rating of 1 or 2. low risk: a rating of 3 or 4. medium risk: a rating of 6 or 8. high risk: a rating of 9, 12 or 16.

Detailed explanation-4: -The 5 risk rating levels under this component are as follows: Rare – unlikely to happen and/or have minor or negligible consequences. Unlikely – possible to happen and/or to have moderate consequences. Moderate – likely to happen and/or to have serious consequences.