The field of impact assessment (IA) is very important to the chemical industry and to industries using chemical technologies. Such industries are sometimes directly subject to IA requirements. Industrial decision making (eg, locations and management practices) can be affected directly by IA requirements, documents, and methodology and indirectly through the actions of regulatory agencies and government bodies responsible for chemically related policies and programs. IA also has much to offer in terms of effective methods and procedures directly relevant to sound environmental planning and management. It is a sound practice to be aware of this well‐established, but still rapidly evolving, field and of its implications for the chemical industry. It starts with understanding the meaning, origins, and types of IA. It entails appreciating IA institutional arrangements, as reflected in IA legislation, regulations, and guidelines. It requires awareness of IA processes (activities and process design choices) and methods (for activities and for IA specialties). It means recognizing new IA directions and emerging priorities. It underscores the need to know where to go to obtain detailed and up‐to‐date information and insights about IA requirements, theory, and practice.