The systematic application of management policies, procedures and practices to the tasks of :
a. Hazard Identification (What can go wrong and why?).
b. Risk Analysis - Comparing the anticipated risks of intervention with the risks of no intervention result (How bad and how likely is it?).
c. Risk Assessment - A systematic process for the identification, analysis and evaluation of a substance, thing or happening (hazard) that may under different circumstance lead to an accidental loss or security breach (How acceptable is it?).
d. Risk Control (What can we do about it?).