Risk assessment is a systematic process for identifying hazards, evaluating their probability and potential impacts, and determining strategies to reduce risks to people, resources, or the environment. It serves as a cornerstone of risk management, balancing numerical and descriptive analyses to guide decisions. From individual health contexts, where biases in risk perception are addressed through decision aids, to comprehensive evaluations of complex systems such as ecosystems or industrial processes, risk assessment adapts its methods to different scales.
Legal and regulatory structures, such as those in public health or workplace safety, emphasize evidence-based, context-specific analyses, while mathematical models highlight the difference between predictable "mild" risks and unforeseeable "wild" risks. By combining scientific precision with practical application, risk assessment connects theoretical analysis with real-world policy, ensuring that decisions take into account both measurable data and inherent uncertainties.