What is the definition of risk assessment?

Question

What is the definition of risk assessment?

Answer 1

Risk assessment is a common first step in a risk management process. Risk assessment is the determination of quantitative or qualitative value of risk related to a concrete situation and a recognized threat.

Quantitative risk assessment requires calculations of two components of risk R, the magnitude of the potential loss L, and the probability p that the loss will occur.

Answer 2

Dear Hayley K

Thank you for your question.

A risk assessment is an assessment of health and safety risks in a workplace. This involves taking a detailed look at areas where accidents could happen. For example, people could trip over trailing wires or slip on a newly polished floor. If paper is placed too close to a heat source, it could catch fire. Please note that risk assessments are also performed on vehicles and other items used by the workforce. Once again, the items are assessed to ensure they are safe to use.

There are five steps in risk assessment.

1. Identify the hazards.

2. Decide who may be harmed and why

3. Evaluate the risks and decide on precautions

4. Record your findings and implement them

5. Review your assessment and update if necessary.

After a risk assessment, the employer is expected to remove the potential risks as far as is ‘reasonably practicable’ in a given period of time. This includes ensuring that fire exits are not blocked, repairing faulty equipment and labelling hazardous substances and storing them correctly.

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