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The SEVESO II and III Directives relate to approximately 12,000 EU establishments working with the hazardous substances. The majority of EU member states implement new requirements of the SEVESO III Directive to their legal environment. The third revision goes hand in hand with the enforcement of the CLP legislation, concerning the Classification, Labelling and Packaging of chemical substances and mixtures. Risk Management is appearing as one of the most important challenges nowadays to raise the prevention level in these establishments. The book chapter analyses the industrial accidents and identified consequences and impacts whose results can be implemented to the effective prevention. The benefit of this chapter is the summarisation of the legal regulations, information systems and especially the statistics of the industrial accidents in Slovakia and the EU. The risk assessment is one of the problem areas of prevention therefore, it was necessary to present the methods and techniques utilised here and to clarify the approach used in the Slovak Republic. The programme ALOHA is most frequently used for modelling the consequences and therefore we presented its possible utilisation on a particular example at the end of this article. The main goal of this chapter is to show how is important to proceed risk management in establishments with hazardous substances is, what kind of methods should be use here to decrease risks and possibilities for modelling its impacts.