A risk assessment system was developed to evaluate the risk factors associated with physical workload in the hand and wrist. Workload indicators for the risk factors of posture, repetition, force exertion, and muscular activity were defined using existing measurement-based risk assessment approaches. These indicators were then categorized into a four-level risk assessment system. The criterion validity of the assessment approach was determined by evaluating field measurements from the exposure database of the German Social Accident Insurance. Generalized Estimating Equation (GEE) models were used to investigate the correlation between workload indicators obtained from field measurements and the health outcomes of 533 workers. The measurement-based risk assessment system allows for the quantification of physical workload in the hand and wrist. The study confirmed criterion validity for the workload indicators for posture and repetition. The workload indicator for muscle activity showed a positive trend. The validation adequately confirms the assessment approach.