We have already learned about the risks and hazards. We came across the terms high risk and low risk. How one can decide the risk is high or low that process is called risk assessment. Risk Assessment is a step wise process first to identify the hazards associated with an activity, situation or an object and then evaluate the risk associated with that specific hazard ultimately finding the ways to eliminate the risk or minimize it if elimination is not feasible. So the risk assessment process consists of:
1. Identify Hazards
2. Evaluate the risk (based upon probability and severity)
3. Eliminate or minimize the risk by implementing practicable control measures.
The output of the risk assessment process is a report that briefly describes the actual risk identified and necessary control measures also describing the residual risk i.e. minimized risk if recommended control measures are implemented.
You can read our article on step wise Risk Assessment Process.