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On a conceptual level risk characterization is very simple, consisting of the bringing together of two
risk components, hazard and exposure. Risk assessment is the bringing together the probabilities
of hazard and exposure to produce an understanding of the likelihood of some type of adverse
outcome. The process involves three components: data gathering to estimate the hazard and
exposure, followed by characterization (combining the factors) to produce an estimate of the
magnitude and probability of the anticipated adverse effect.
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