Risk is the potential for a particular hazard to occur and cause harm or damage. In the context of risk assessment, evaluating the consequence and probability of a hazard is an important step in determining the overall level of risk.

Consequence refers to the potential impact or consequences of a hazard, such as harm to people, damage to property, or impact on the environment.

Probability refers to the likelihood or chance of a hazard occurring.

By evaluating both the consequence and probability of a hazard, it is possible to gauge the overall level of risk. This can help prioritize identified risks and focus efforts on mitigating the most significant risks.

Once the level of risk has been determined, action can be planned to reduce the risk. This may involve implementing controls and measures to reduce the likelihood of the hazard occurring or to mitigate the potential consequences if it does occur. The specific actions taken to reduce the risk will depend on the specific hazard and the specific context and goals of the risk assessment.