Getting controls back into the equation: A conceptual discussion

The risk management process as described in AS/NZS 4360 requires that risk be assessed as a function of the consequence and likelihood of exposure to a hazard. The general equation that derives from this process is: Risk = Likelihood * Consequence, where the operand * is merely an indication that risk is related to these two aspects, not that they should necessarily be multiplied together. In this calculation, if the risk is construed as too great, then controls must be introduced to reduce the consequence or the likelihood of exposure until the residual risk is acceptable.