Methods of risk assessment differs in different sectors and organisations, but a method adopted should best suit the organization process. Before we get into the subject of the article, let use refresh our minds on what risk assessment entails. Risk assessment is the determination of quantitative or qualitative estimate of risk related to a well-defined situation and a recognized threat (also called hazard). Mathematically: Quantitative risk assessment requires calculations of two components of risk (R) The magnitude of the potential loss (L), and The probability (p) that the loss will occur. In summary, to conduct risk assessment, 5 main steps are always adopted. Identify the hazard: Be it physical, mental, chemical or biological. Decide who could be harm Assess the risk Make record of findings