Assessing the risk of toxicity involves evaluating the potential health effects of a chemical and the likelihood of those effects occurring. This process typically involves hazard identification, dose-response assessment, exposure assessment, and risk characterization. Hazard identification involves determining whether a chemical can cause harm, while dose-response assessment evaluates the relationship between the dose and the occurrence of adverse effects. Exposure assessment estimates the level of chemical exposure, and risk characterization combines all these elements to estimate the overall risk.