Titel_SS06

and/or activity and the analyst performing the analysis. To this end it is useful to seek answers
for the following questions:

 Who are the decision-maker(s) and the stakeholders and parties with interests in the
activity (e.g. society, client(s), state, canton and organizations)?

 Which circumstances might have a negative influence on the impact of the risk analysis
and its results?

 Which factors may influence the manner in which the risk analysis is performed (e.g.
political, legal, social, financial and cultural)?

Define Contextand Criteria

Define System

Identify HazardScenarios

• what might go wrong- how can it happen
  -how to control it

ConsequencesAnalysis of Analysis ofProbability

Identify RiskScenarios SensitivitiesAnalyse

Assess Risks

Monitor andReview TreatmentRisk

Figure 1.5: Generic representation of the flow of risk-based decision analysis (Australian New
Zealandic code 4369 (1995)).

Furthermore, the crucial step of setting the acceptance criteria must be performed. This
includes the specification of the accepted risks in relation to economic risks, the risk to
personnel and the environment. When setting the acceptable risks – which might be
considered a decision problem itself – due account should be taken of both international and
national regulations in the considered application area. However, for risk analysis performed
for decision making in the private or inter-company sphere with no potential consequences for
personnel or third parties, the criteria may be established without taking account of such
regulations.