Certified Quality Auditor (CQA) Prasctice Exam

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What do the four main components of risk include?

Probability, hazard, exposure, and benefits
Probability, hazard, exposure, and consequences
Probability, impact, exposure, and consequences
Risk, hazard, assessment, and consequences

The correct answer is: Probability, hazard, exposure, and consequences

The four main components of risk are correctly identified as probability, hazard, exposure, and consequences. Probability refers to the likelihood that a particular hazard will occur and lead to a negative outcome. This aspect quantifies the chance of an event happening, which is crucial for understanding the potential risk involved. Hazard is the source of potential harm or adverse effect, representing the intrinsic properties of a substance or activity that could lead to an adverse outcome. Exposure is the extent to which a person, property, or environment is subjected to the hazard. This could involve frequency, duration, or intensity of the exposure and is vital in assessing the risk as it relates to human and environmental health. Consequences encompass the effects or outcomes resulting from the hazard. This includes the severity of the impact if the hazard materializes, thus allowing auditors to prioritize risks based on their potential harm. This combination of components provides a comprehensive framework for identifying and analyzing risk in various scenarios, which is essential in the context of quality auditing and risk management.