How is risk calculated using the Risk Assessment Methodology Calculator in SafetyWallet?
Great question! The risk a hazard represents, is calculated by the product of the severity of the risk by the likelihood it will happen; Risk = Severity x Likelihood. The resulting product value is then compared against another tool, called the Risk Category table, to determine and categorise the level of risk the hazard represents. The Risk Category table is shown below:
The Risk Category table includes a risk category and risk rating to categorise the different levels of risk. What is interesting, is that it also includes a description for remedial action, that is, action to take to reduce the risk.