Risk Management
Hazmat Term
is the systematic application of policies, practices, and resources to the assessment and control of risk affecting human health and safety and the environment. Hazard, risk, and cost/benefit analysis are used to support development of risk reduction options, program objectives, and prioritization of issues and resources. A critical role of the safety regulator is to identify activities involving significant risk and to establish an acceptable level of risk. Near zero risk can be very costly and in most cases is not achievable.
Source:

Hazardous Materials Safety term