10Achieving acceptable levels of risk

10 Achieving acceptable levels of risk

(1)  An acceptable level of risk is achieved when risk is minimised as far as reasonably practicable.

(2)  To decide whether risk is minimised as far as reasonably practicable, regard must be had to –

(a) the likelihood of harm to a person, property or the environment related to the risk; and

(b) the severity of the harm.

(3)  The regulations may prescribe the acceptable level of risk in terms of the likelihood and the severity of the consequences of the risk or in another way.

(4)  The assessment of risk to decide its acceptability must take account of good industry practice and compliance with approved codes of practice if –

(a) the regulations do not prescribe an acceptable level of risk or set performance objectives and measures for the avoidance, reduction or monitoring of risk; or

(b) it is not practicable in the circumstances to calculate or estimate the level of risk.