While these are some of the social elements in risk assessment, there are also economic considerations.

Often the economic considerations are considered against risk.

Health and safety law is based on such a concept. All UK safety law is qualified by the phrase "as far as reasonably practicable".
It was first used in statute law the Health
and Safety at Work etc 1974 Act.

The phrase asks employers to balance the risk and the costs of reducing those risks.

Employers can claim that their onus of responsibility is lifted if the costs of reducing the risks severely outweigh the risks themselves.

More on "As far as is reasonably practicable"

EU Commission challenging UK in Court (Case C 127/05) saying "reasonably practicable" is inadequate.