What is risk assessment?

Risk assessment is fundamentally the process of identifying, evaluating, and prioritizing risks that could potentially affect the organization. This involves systematically analyzing various factors that could jeopardize the health and safety of employees, assets, or the overall operational integrity of the business. By understanding these risks, organizations can implement appropriate measures to mitigate potential negative impacts and ensure a safer work environment.

Conducting a risk assessment allows companies to identify the likelihood and severity of various risks, which in turn helps in formulating effective strategies to manage those risks. The prioritization aspect ensures that the most critical risks receive the necessary attention and resources to address them promptly and effectively. Ultimately, this process contributes to better decision-making and promotes a culture of safety and preparedness within the organization.