Question

a risk assessment requires at least 3 things. two of these are hazard identification and calculating the probability of risk. what is the third thing needed for a risk assessment? the financial cost of the risk calculating the consequences of risk

Explanation:

Risk assessment involves three main components: hazard identification (identifying what can cause harm), probability calculation (likelihood of the hazard occurring), and consequence calculation (what would happen if the hazard occurs). While financial cost can be part of consequences in some business - related risks, the general and more comprehensive third element in risk assessment is calculating the consequences of the risk.

Answer:

Calculating the consequences of risk