10 Key Point Risk Assesment

Identification of Hazards

The first step in risk assessment is to identify all potential hazards and risks associated with a particular activity or situation. This may involve reviewing past incidents or conducting surveys or interviews with employees and stakeholders.

Analysis of Consequences

The next step is to evaluate the consequences that could result from each identified hazard. This may include the potential harm to people, damage to property or equipment, environmental impact, and financial losses.

Evaluation of Likelihood

The likelihood of each hazard occurring should then be evaluated based on factors such as historical data, expert opinion, and current conditions.

Assessment of Current Controls

It is important to assess the effectiveness of existing controls and mitigation measures in place to reduce the risk associated with each hazard.

Determination of Risk Level

The risk level for each hazard can be determined by considering the consequence and likelihood of occurrence.

Prioritization of Risks

 Risks should be prioritized based on their level of severity and likelihood of occurrence, with attention given to those with the highest risk levels.

Development of Mitigation Strategies

 Based on the risk assessment findings, strategies should be developed to mitigate or eliminate the identified risks, such as implementing new controls or procedures, improving existing ones, or eliminating the hazard altogether.

Implementation and Monitoring

The identified mitigation strategies should be implemented and monitored to ensure they are effective in reducing the risk levels.

Review and Update

Risk assessments should be regularly reviewed and updated to reflect changes in conditions, new information, or emerging hazards.

Communication and Training: It is important to communicate the results of the risk assessment to all relevant stakeholders and provide training on new controls or procedures. This helps to ensure that everyone is aware of the risks and what they can do to reduce them.