Risk Assessment, Challenges and Management

Risk assessment is a crucial management technique for safeguarding worker health and safety (and others). A risk assessment is defined as a systematic process of detecting hazards and analyzing any related risks in the workplace, followed by the implementation of feasible control measures to eliminate or decrease those hazards.

The process of discovering, assessing, and controlling risks is known as risk management. Financial uncertainties, legal liabilities, strategic management failures, accidents, and natural disasters are only some of the hazards or risks that could arise. Effective risk management entails aiming to influence future events as much as possible by acting proactively rather than reactively.

The importance of challenge in risk management is that it aids in ensuring the robustness of the process and thought, as well as identifying any faults or risks in the process or thought.

• Evaluation and Assessment of Risk
• Identifying and Prioritizing Risks
• Controlling risks and reviewing controls