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TERM DEFINlnON Risk Measure of the probability and severity of an adverse effect to life, health, property, or the environment. Risk is estimated by the mathematical expectation of the consequences of an adverse event occurring (i.e. the product of the probability of occurrence and the consequence) or, alternatively, by the triplet of scenario, probability of occurrence and the consequence. Risk acceptance An informed decision to accept the likelihood and the consequences of a particular risk Risk analysis "Risk analysis" is the use of available information to estimate the risk to individuals or populations, property or the environment, from hazards. Risk analyses generally contain the following steps: scope definition, hazard identification, and risk estimation. Risk assessment "Risk assessment" is the process of deciding whether existing risks are tolerable and present risk control measures are adequate and if not, whether alternative risk control measures are required. Risk assessment incorporates, as inputs, the outputs from the risk analysis and risk evaluation phases. Risk-based decision making Decision making which has as a main input the results of risk assessment. It involves a balancing of social benefits and residual risks Risk evaluation "Risk evaluation" is the process of examining and judging the significance of risk, The risk evaluation stage is the point at which values (societal, regulatOl)', legal and owners) . and judgements enter the decision process, explicitly" or implicitly, by including consideration of the importance of the estimated risks and the associated social, environmental, and economic consequences, in order to identify a range of alternatives for managing the risks. Risk identification The process of determining what can happen, why and how Risk management The systematic application of management policies, procedures and practices to the tasks of identifying, analysing, assessing, treating and monitoring risk Risk mitigation A selective application of appropriate techniques and management principles to reduce either likelihood of an occurrence or its consequences, or both ANCOLD Guidelines on Selection of an Acceptable flood Capacity for Dams 35 .