ABSTRACT
Risk is the potential for a loss of or damage to an asset. Risk is based on the likelihood or probability of the hazard occurring and the consequences of the occurrence (FEMA 426, 2003, pp. 1-35).
The fourth step in the assessment process is to prepare a risk assessment for the proposed site and building (see Figure 14.1). The risk assessment analyzes the threat/hazard, asset value, and vulnerability to ascertain the level of risk for each critical asset against each applicable threat or natural hazard. The risk assessment process involves the following tasks:
1. Preparing the risk assessment matrices 2. Determining the risk ratings 3. Prioritizing observations in the Building Vulnerability Assessment Checklist
There are a number of means and methods to conduct a building risk assessment, and the steps can be accomplished in different sequences. However, they all have one common objective, which is to apply a quantitative assessment process that identies those assets at highest risk and evaluate mitigation measures that can reduce that risk. It is possible to calculate risk using the results of the asset value, threat, and vulnerability described earlier. A risk assessment should be conducted and documented for existing and newly constructed premises. If a documented risk assessment does not exist, one should be conducted for existing premises. A risk assessment should be conducted if there are changes of ownership or change in the type of occupancy or mission of the building.
