In risk assessment, what does the term 'risk' refer to?

The term 'risk' in risk assessment specifically refers to the likelihood or chance that a hazard could actually cause harm or damage. This concept emphasizes the probability of an adverse event occurring as a result of a hazard. Understanding risk is crucial for effective risk management, as it helps prioritize which hazards need immediate attention based on how likely they are to result in harm.

The other concepts presented, such as the total number of hazards present, the severity of a potential incident, and the duration of exposure, are related to the overall risk assessment process but do not define risk itself. Simply knowing the number of hazards does not convey their potential for causing harm. Likewise, identifying severity gives insight into the consequences of incidents but overlooks the probability of those incidents occurring. Duration of exposure provides context about how long someone might be at risk but does not directly address the likelihood of harm from the hazard. Understanding risk as a function of likelihood provides a clearer and more actionable perspective for making safety decisions.