With growing public attention to the potential risk of seismicity induced by waste-water injection and hydraulic fracturing, there is a need for better understanding of the technical elements associated with induced seismicity and the subsequent implications associated with management of the potential risks. In this paper, the technical elements of the risk are first examined including probability and consequence. Probability elements include volume of injected fluid, formation characteristics, tectonic/faulting environment and operating experience. Consequence elements include physical damage, environmental impact, economic disruption, social or community impact and public disturbance. A potential approach for risk characterization is then presented and includes the definition of risk zones. The risk zones can be considered relative to potential "stoplight" approaches associated with risk mitigation. Various options of potential mitigation methods are discussed, such as well planning, design and ground shaking monitoring. The risk characterization framework is applied to recent well activities that have been the subject of studies by the United States Environmental Protection Agency and by regulators in Canada and the United Kingdom, and also applicable to hundreds of thousands of hydraulic fracture treatments and to tens of thousands of injection wells. The results presented clearly delineate important seismicity drivers, demonstrate the extremely low likelihood associated with such events and are consistent with the major conclusions published in a recent United States National Academy of Science comprehensive report on the subject. The information presented in this paper will help to further inform policy makers, regulators, oil and gas companies, and service companies of the technical and operational elements to consider for assessing and/or managing the potential risks associated with induced seismicity from injection operations.