What does risk assessment involve?

Risk assessment involves evaluating the probability and severity of identified hazards to understand the potential impact of those hazards on individuals, property, and the environment. This process is crucial as it allows organizations to prioritize risks based on how likely they are to occur and the potential consequences if they do. By assessing these factors, organizations can develop appropriate mitigation strategies to minimize or eliminate risks effectively.

In this context, understanding both the likelihood of an incident and the severity of its effects forms the basis for making informed decisions about risk management. This assessment step is fundamental to establishing safety protocols and procedures tailored to the specific risks that have been identified.

Other choices address aspects of safety management but do not capture the essence of risk assessment itself. Evaluating hazard elimination strategies and inspecting equipment and facilities are essential components of a broader safety management program, while training personnel is vital for awareness and compliance but doesn’t encompass the evaluation of risk per se.