Risk analysis involves consideration of the sources of risk, their positive and negative consequences and the likelihood that those consequences may occur. Factors that affect both consequences and likelihood may be identified.
Risk is analysed by combining consequences and their likelihood. In most circumstances existing controls are taken into account.
The most pertinent information and techniques should be used when analysing consequences and likelihood. Sources of information may include the following:
- Past records
- Practice and relevant experience
- Consultation with employees / Health and Safety Committees
- Relevant published material
- Specialist and expert judgements
- Codes of practice and relevant standards
- Product information
Consequence and likelihood tables are used to provide definitions for rating scales so there is a common understanding of their meaning. Tables should be consistent with the specific objectives and context of the risk management activity.
Things to remember
- Risk assessment is a necessary step in the hazard management process
- There are many methods
- History is not always a reliable indictor of risk – just because it hasn’t happened doesn’t mean it won’t
- Re-access when hazard circumstances change
- Commitment, competency, consistency & consultation