What is the second step in the Risk Assessment process?

In the Risk Assessment process, the second step is to assess the hazards. This step involves identifying and evaluating the potential hazards that could negatively impact objectives or outcomes. It requires a detailed examination of various factors, such as the types of risks present, their likelihood of occurrence, and the potential consequences if they were to happen. By assessing the hazards thoroughly, organizations can form a foundational understanding of what risks exist and how they may affect operations.

This step is crucial because it informs the subsequent actions and decisions made during the risk management process. Proper hazard assessment lays the groundwork for the development of effective risk controls and ensures that all relevant risks are considered before moving forward. By systematically identifying and evaluating risks at this stage, organizations can prioritize which risks need immediate attention and allocate resources effectively to mitigate those risks.