Risk assessment

Risk assessment is the process of identifying, analyzing, and evaluating potential risks that could negatively impact individuals, assets, operations, or the environment. It's a key part of risk management used in various fields like business, healthcare, engineering, cybersecurity, and environmental science.

Key Steps in Risk Assessment:

  1. Identify Hazards
    Determine what could potentially cause harm. This could be physical, chemical, biological, or even organizational.
  2. Determine Who or What Might Be Harmed
    Identify the people, assets, or systems that could be affected by the hazard.
  3. Evaluate the Risks
    Assess the likelihood of the risk occurring and the severity of its impact. This often involves qualitative or quantitative analysis.
  4. Implement Control Measures
    Decide on precautions or mitigation strategies to reduce or eliminate the risk.
  5. Record Findings and Implement Them
    Document the risks and the actions taken, and ensure they are put into practice.
  6. Review and Update
    Regularly revisit the assessment to ensure it remains relevant and effective.

Example:

In a workplace setting, a risk assessment might identify that a wet floor could cause slips and falls. The risk is mitigated by placing warning signs and ensuring the floor is dried quickly.

 

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