Risk Assessment

Tax Glossary Definition

Risk Assessment

Risk assessment involves systematically recognizing and evaluating potential threats or uncertainties that could affect individuals, organizations, or the environment. The process helps determine the likelihood and severity of these risks, allowing the development of targeted measures to reduce or control their impact.

Example: Before opening a new factory, a company may carry out a risk assessment to identify issues such as possible fire hazards or machinery malfunctions and then introduce safeguards to protect employees and property.

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