Unit 2: Foundational Principles and Principles
Before applying a risk-based approach, it's crucial to understand the core concepts and the legal framework that governs it.
1. 2.1 Key Definitions
A hazard is a source of potential injury, harm or damage. It may come from many sources, e.g. situations, the environment or a human element.
Risk has two elements:
The likelihood that harm or damage may occur.