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 .
Here are the five steps involved in conducting a risk assessment :
1. Identify the hazard: Identify potential hazards that could cause harm to people, property, or the environment.
2. Assess the risk: Evaluate the likelihood and severity of each hazard identified.
3. Put controls/safeguards in place: Implement measures to eliminate or control the risks identified.
4. Re-assess the risk with control in place: Re-evaluate the likelihood and severity of each hazard after implementing controls.
5. Confirmation of reduced risk: Confirm that the implemented controls have reduced the risks to an acceptable level.
The purpose of conducting a risk assessment is to eliminate operational risks and improve the overall safety of the workplace . It is also a legal requirement in many countries, including Canada, where employers are required to conduct risk assessments under the Occupational Health and Safety Act .