·        Hazard – A source or situation with the potential to cause harm to people, environment, assets, or reputation.

·        Risk – The combination of the likelihood that a hazardous event will occur and the severity of its consequences.

·        Major Accident Event (MAE) – A high-consequence event that can cause multiple fatalities, major environmental damage, or significant asset and reputation loss.

·        Risk Matrix – A qualitative tool used to evaluate and rank risks by combining the levels of likelihood and consequence.

·        Original Risk (OR) – The level of risk before considering any safeguards or controls.

·        Residual Risk (RR) – The level of risk remaining after safeguards and controls have been applied.

·        Safeguards / Controls – Measures put in place to prevent incidents or reduce their consequences (e.g. design controls, procedures, training, emergency response).

·        ALARP Principle – Ensuring that risks are reduced to a level that is As Low As Reasonably Practicable, balancing risk reduction with cost, time, and effort.