Which statement best defines risk in the context of hazard analysis?

• A. The likelihood and consequence of that harm occurring.
• B. The administrative process to register hazards.
• C. The cost of implementing controls.
• D. The number of incidents in a given period.

Answer: (C)

Risk in hazard analysis is about two things: how likely a harmful event is to occur and how serious the harm would be if it does. This combination—probability multiplied by the potential impact—lets you gauge how dangerous a hazard is and where to focus mitigation efforts.

So, the statement that captures risk as the likelihood and consequence of that harm occurring best represents this concept. The other options describe things like how hazards are documented, the cost of putting controls in place, or historical incident counts, none of which define risk itself. Understanding risk this way helps you prioritize controls based on both how likely a hazard is and how bad it could be.