What is meaning of Risk Assessment ?

Risk management is a process of thinking systematically about all possible risks, problems or disasters before they happen and setting up procedures that will avoid the risk, or minimise its impact, or cope with its impact. It is basically setting up a process where you can identify the risk and set up a strategy to control or deal with it

The reason for conducting risk assessments is to control work proactively, to reduce the probability and consequences of unexpected or unplanned events and to ensure compliance. Risk assessments will, if used correctly by all involved, reduce accidents and consequential losses.