A risk assessment is a systematic process that involves identifying, analyzing, and controlling hazards and risks present in a situation or a place . It is a decision-making tool that aims to determine which measures should be put in place to eliminate or control those risks, as well as specify which of them should be prioritized according to the level of likeliness and impact they have on the business .
There are five key components that constitute a comprehensive risk assessment process :
1. Risk Identification: The first step in a risk assessment process is to identify and catalog potential risks. This involves identifying hazards and risk factors that have the potential to cause harm ?.
2. Risk Analysis: The next step is to conduct a thorough analysis to assess the likelihood and potential impact of each identified risk ?.
3. Risk Evaluation: Once risks have been identified and analyzed, the next step is to evaluate the risks associated with each hazard ?.
4. Risk Mitigation: After evaluating the risks, it’s time to develop and implement strategies for mitigating those risks ?.
5. Risk Monitoring: Finally, it’s important to monitor the effectiveness of the implemented strategies and update them as necessary ?.
There are several tools available for conducting risk assessments, including but not limited to:
– Risk matrix
– Decision tree
– Failure modes and effects analysis (FMEA)
– Bowtie model
– What-if analysis
– Failure tree analysis
– Hazard operability analysis
These tools can be used individually or in combination with one another depending on the specific needs of an organization [^10^].