Academic

LESSON 2
RISK
ASSESSMENT
Risk assessment is a crucial process used to identify, evaluate, and
prioritize potential risks in various aspects of life, whether it's in
business, health and safety, environment, or personal decisions. By
systematically analRisk assessment is a crucial process used to
identify, evaluate, and prioritize potential risks in various aspects
of life, whether it's in business, health and safety, environment, or
personal decisions.
By systematically analyzing risks, we can make
informed choices and develop strategies to
mitigate or manage those risks effectively. In
this lesson, we'll delve into the key concepts of
risk assessment, its importance, and the steps
involved in the process.
 Template
1. What is Risk Assessment?

Risk assessment is the process of identifying, analyzing, and evaluating potential risks
associated with a particular activity, decision, or situation. It involves considering the
likelihood and potential consequences of various risks and determining how to handle
them.fying, analyzing, and evaluating potential risks associated with a particular activity,
decision, or situation. It involves considering the likelihood and potential consequences of
various risks and determining how to handle them.n, or situation. It involves considering the
likelihood and potential consequences of various risks and determining how to handle them.
Importance of Risk Assessment:

l Informed Decision Making: Risk assessment

provides a structured approach to making
informed decisions by considering both the
potential benefits and drawbacks associated with
a choice.Presentations are communication tools

l Risk Prioritization: Not all risks are equal. Risk

assessment helps in prioritizing risks based on
their severity and likelihood, allowing resources
to be allocated efficiently to manage the most
significant risks.
Preventive Measures: By identifying risks early,
organizations and individuals can implement
preventive measures and mitigation strategies to
reduce the likelihood of negative outcomes.

Compliance and Regulation: Many industries are

bound by regulations that require thorough risk
assessments. Adhering to these regulations helps
prevent legal issues and ensures the safety of
stakeholders.
 Steps in Risk Assessment:

01 02 03
Hazard Identification:
Risk Assessment Risk Evaluation:
Identify potential hazards or Evaluate the likelihood and Compare the assessed risks
risks associated with the severity of each identified risk. against predefined criteria or
activity, process, or decision. This step often involves standards to determine which
A hazard is a source of quantitative or qualitative risks are acceptable and which
potential harm or adverse analysis to determine the level require further action.
effects. of risk.

PART ONE PART TWO PART THTRR

ILLUSTRATION
Step 4: Risk Mitigation: Develop and implement strategies
to mitigate or reduce the identified risks. This might involve
changes to procedures, the introduction of safety measures,
or contingency planning.

Step 5: Monitoring and Review: Regularly monitor the

effectiveness of the risk mitigation strategies and update the
assessment as new information becomes available
Risk Assessment:

Qualitative Risk Assessment: Involves assessing risks without

using precise numerical data. Risks are categorized as low, medium,
or high based on expert judgment.

Quantitative Risk Assessment: Involves using numerical data and

statistical analysis to assess risks. This approach provides more
accurate estimations of likelihood and impact.
. Real-life Applications:

Business: Companies use risk assessment to evaluate potential financial,

operational, and reputational risks, aiding in strategic planning.

Health and Safety: Risk assessment in workplaces helps identify hazards that
could harm employees and ensures safety measures are in place.

Environmental: Environmental risk assessments evaluate the potential impact of

projects or activities on the ecosystem.

Personal: Individuals use risk assessment to make decisions about health choices,
investments, and personal safety.
YOUR
WPS TEMPLATE Academic
LOGO

Template

Template
THANKS
Presentations are communication tools that can be used as demonstrations, lectures, speeches, reports, and more.
Most of the time, they're presented before an audience

//SLIDE
ILLUSTRATION PRESENTATION