Risk management refers to the steps taken to prevent adverse effects of exposure to a chemical, taking into account societal values, legal requirements, and the costs of the control option.
Risk management options can take many forms, such as:
- Requiring industrial workers to wear personal protective equipment, such as protective gloves and goggles to prevent exposures
- Adding local ventilation to remove fumes and odors to reduce exposure in the workplace
- Mandating an occupational exposure limit for the amount of exposure for a given period (such as an 8-hour work day)
- Providing warning labels to inform users about potential effects of working with a product, and actions to take in the event of accidental exposure
- Mandating air permits or water permits to reduce releases from industrial facilities
- Electing to stop the sale of product to a customer who has demonstrated an unwillingness to work with the product in a safe manner
- Banning or restricting sale of a product into an application or into a market where it has been judged that the exposure cannot be sufficiently controlled to prevent harm.
Risk management is not just the responsibility of governments. Industry also plays a critical role by deciding which applications are best suited to its products, based on their utility, functionality, and properties that indicate the potential for safe use. Companies develop and provide safety information to downstream users of chemicals to promote their safe handling, use, disposal and recycle.
Consumers, too, have a role in risk management associated with the safe and appropriate use, storage and disposal of consumer products by reading and following product labels.