What does the term 'Severity' refer to in risk assessment?

In risk assessment, the term 'Severity' specifically pertains to the assessment of potential consequences associated with a hazard. This involves evaluating how serious or damaging the outcomes could be if that hazard were to manifest. For instance, in an aviation context, identifying the severity of a hazard might involve considering factors such as the potential for injury, damage to equipment, or environmental impact.

By determining the severity, risk assessors can prioritize which hazards require more immediate attention and resources for mitigation. This helps organizations make informed decisions about safety measures, emergency planning, and resource allocation, effectively managing overall risk.

The other options, while related to the risk assessment process, focus on different aspects: assessing likelihood relates to the probability of an event occurring, identifying hazards pertains to recognizing what hazards exist, and implementing safety controls involves applying measures to reduce risk, none of which directly define 'Severity'.