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Risk management Components

  1. Risk evaluation- the process of comparing the risk estimated in the risk assessment with the Member’s appropriate level of protection.
  2. Option evaluation – the process of identifying, evaluating the efficacy and feasibility of and selecting measures to reduce the risk associated with an importation in line with the member’s appropriate level of protection. the efficacy is the degree to which an option reduces the likelihood and/or magnitude of adverse health and economic consequences. Evaluating the efficacy of the options selected is an iterative process that involves their incorporation into the risk assessment and then comparing the resulting level of risk with that considered acceptable. The evaluation for feasibility normally focuses on technical, operational and economic factors affecting the implementation of the risk management options.
  3. Implementation – the process of following through with the risk management decision and ensuring that the risk management measures are in place.
  4. Monitoring and review – the ongoing process of following through with the risk management measures are continuously audited to ensure that they are achieving the results intended.

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