What is meaning of Risk Assessment ?

In other words we can say:

“Risk management is recognised as an integral part of good management practice. It is an interactive process consisting of steps, which, when undertaken in sequence, enable continual improvement in decision making.

The risk management  process includes:

1. Identification of a hazard
2. Identification of the associated risk
3. Assessment of the risk (which includes:)
   • the likelihood
   • the consequence
   • assigning a priority for rectification
4. Control of the risk (using a hierarchy of control measures consisting of [in order of preference
   • Elimination
   • Substitution
   • Isolation
   • Engineering controls
   • Administrative controls (SOPs, training)
   • Personal Protective Equipment
5. Documentation of the process
6. Monitoring and review of the process.