Risk Assessment Techniques

The risk assessment process is applied to determine risk levels. The risk assessment process is illustrated in Fig. 28.1. The risk assessment process. This process consists of four basic steps. (1) Risk identification. Risk identification seeks to identify the possible sources of hazardous events and scenarios, their causes and potential consequences. For specific hazardous events, the existing safeguards (preventive, detection or recovery) that can reduce the likelihood of failure or mitigate the consequence should also be identified during the risk study.