What is Risk Assessment? A risk assessment is a careful examination to identify the hazard risk and taking proper control measures.
Definition of Hazard and Risk Hazard Something with a potential to harm Risk Likelihood harm from one or more particular hazard Risk= Severity x Likelihood
5 STEPS OF RISK ASSESSMENT? Identify the hazard Who might be harmed and how Evaluate the risk and taking control measures Record the finding implement them Review your assessment and revise if necessary
Hierarchy Of risk control measures Elimination Substitution Isolation Engineering control measures Administrative control measures Organizational control measures PPE
RISK MATRIX
LOW RISK No additional controls are required unless they can be implemented at very low cost (in terms of time, money and effort). Actions to further reduce these risks are assigned low priority. Arrangements should be made to ensure that the controls are maintained.
MEDIUM RISK The risk must be managed to a point that is ALARP to be acceptable. The hazard must be managed to reduce the severity of the hazardous events to ALARP. Risk reduction measures must be planned and documented.
HIGH RISK The risk is Unacceptable. This level of risk exposes the company to intolerable losses to (People, Assets, Environment and Reputation). The hazard should be eliminated or its risk reduced to tolerable levels immediately.