Formal safety assessment
A formal safety assessment, in the context of the OPGGS(S) Regulations, is an assessment or series of assessments that identifies all hazards having the potential to cause a major accident event. It is a detailed and systematic assessment of the risk associated with each of those hazards, including the likelihood and consequences of each potential major accident event. It identifies the technical and other control measures that are necessary to reduce that risk to a level that is as low as reasonably practicable [OPGGS(S) subregulation 2.5(2)(c)].
Source: NOPSEMA Guidance note: Risk Assessment, N-04300-GN0165, Australia, Revision 4, December 2012. Regulatory Guidance