# Commission Implementing Decision (EU) 2019/417 of 8 November 2018 laying down guidelines for the management of the European Union Rapid Information System ‘RAPEX’ established under Article 12 of Directive 2001/95/EC on general product safety and its notification system (notified under document C(2018) 7334), Division: Glossary of terms

Extent: E+W+S+N.I.

Hazard Source of danger involving the chance of being injured or harmed. A means of quantifying the hazard in a risk assessment is the severity of the possible injury or harm.
Product hazard Hazard created by the properties of a product.
Risk Balanced combination of a hazard and the probability that damage will occur. Risk describes neither the hazard, nor the probability, but both at the same time.
Risk assessment Procedure for identifying and assessing hazards, consisting of three steps:
1.. identification of the seriousness of a hazard;
2.. determination of the probability that a consumer will be injured by that hazard;
3.. combination of the hazard with the probability.
Risk level Degree of risk, which may be ‘serious’, ‘high’, ‘medium’ and ‘low’. When the (highest) level of risk has been identified, the risk assessment is complete.
Risk management Follow-up action, which is separate from risk assessment and aims to reduce or eliminate a risk.

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Source: https://www.legislation.gov.uk/eudn/2019/417/annex/division/2/division/6/division/6.3/division/3 (the official version)
Page: https://openlegislation.uk/eu-decision-2019-417/annex/division-2/division-6/division-6.3/division-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.