Risk Assessment is a systematic process to identify, evaluate, and manage potential risks in a project, business, or activity. It helps ensure safety and success by addressing risks early.Steps in Risk Assessment1. Identify HazardsIdentify factors or situations that could cause harm, such as physical, chemical, biological, or cyber risks.2. Analyze the RiskAssess the severity and likelihood of each risk. This involves evaluating how harmful the risk could be and how frequently it might occur.3. Evaluate and Prioritize RisksRank the risks based on their severity and likelihood. Address the most dangerous or probable risks first.4. Control MeasuresPlan actions to reduce or eliminate risks. These can includeAvoiding the risk through planningUsing protective equipmentImproving workflow and procedures5. Implement ControlsPut the control measures into action to mitigate the identified risks.6. Monitor and ReviewRegularly review the risks and the effectiveness of control measures to ensure they remain relevant and adjust as necessary.ExampleIf you run a manufacturing company, you might identify that workers on the production floor could be injured by machinery (hazard). You would assess how often this could happen and the severity of potential injuries (analyze the risk). Then, you could reduce the risk by providing safety gear or installing safety guards on the machines (control measures).Are you looking to conduct a risk assessment for a specific scenario