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| articles:a_matter_of_risk [2020/03/19 21:23] – [ISO 31000:2018] rrandall | articles:a_matter_of_risk [2020/05/15 11:11] – [NFPA 1600®] rrandall |
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| However, the above equation ignores "detection", a common criterian for a "Falure Mode and Effects Analysis" (FMEA). Adding "detection" would change the equation to: Risk = "probability of an event" x "consequence of event" x "likelihood of detection". The result of this equation is typically referred to as a "Risk Priority Number". | However, the above equation ignores "detection", a common criterian for a "Falure Mode and Effects Analysis" (FMEA). Adding "detection" would change the equation to: Risk = "probability of an event" x "consequence of event" x "likelihood of detection". The result of this equation is typically referred to as a "Risk Priority Number". |
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| ==== NFPA 1600® ==== | ==== NFPA 1600<sup>®</sup> ==== |
| While also not an ISO document, [[https://www.nfpa.org/codes-and-standards/all-codes-and-standards/list-of-codes-and-standards/detail?code=1600|NFPA 1600®, "Standard on Continuity, Emergency, and Crisis Management" (2019 Edition)]], published by the [[https://www.nfpa.org|National Fire Protection Association (NFPA)]], contains a definition for "//Risk Assessment//", from which a definition for "risk" can be easily derived as "//threats and hazards//". | While also not an ISO document, [[https://www.nfpa.org/codes-and-standards/all-codes-and-standards/list-of-codes-and-standards/detail?code=1600|NFPA 1600<sup>®</sup>, "Standard on Continuity, Emergency, and Crisis Management" (2019 Edition)]], published by the [[https://www.nfpa.org|National Fire Protection Association (NFPA)]], contains a definition for "//Risk Assessment//", from which a definition for "risk" can be easily derived as "//threats and hazards//". |
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| <blockquote>**NFPA 1600® ** \\ | <blockquote>**NFPA 1600<sup>®</sup> ** \\ |
| 3.3.27 Risk Assessment \\ | 3.3.27 Risk Assessment \\ |
| The process of identifying threats and hazards to life, property, operations, the environment, and entities, and the analysis of probabilities, vulnerabilities, and impacts.</blockquote> | The process of identifying threats and hazards to life, property, operations, the environment, and entities, and the analysis of probabilities, vulnerabilities, and impacts.</blockquote> |
