The document defines risk as the combination of the likelihood of a hazardous event occurring and the consequence of that event. It explains that a risk assessment involves examining anything in the work environment that could cause injury or harm. The steps to carrying out a risk assessment are identified as: 1) identifying hazards, 2) identifying risks, 3) estimating risk likelihood and consequence, 4) evaluating the level of risk, 5) recording findings, and 6) regularly reviewing assessments. The overall goal of a risk assessment is to help protect workers, the workforce, and the business.

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What is risk?
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What do we really mean by risk?

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To ensure a safe work environment, you
need to understand the definition
of risk.
To define risk, we first
need to take a look at a
few basic terms…

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A hazard is anything that has the
potential to cause harm

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For a hazard to cause harm, a
hazardous event must happen

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For a hazard to cause harm, a
hazardous event must happen

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For a hazard to cause harm, a
hazardous event must happen

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The likelihood is the chance that the
hazardous event will occur

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Consequence is the outcome of the
hazardous event

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Risk is the combination of the
likelihood of a hazardous event occurring,
and the consequence of the event
Risk = Likelihood x Consequence

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What is a risk assessment?

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A risk assessment is a careful examination
of anything in your work environment that
could cause injury or ill health

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A risk assessment helps to protect:
• you
• your workforce and others
• your business

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How are risk assessments
carried out?

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2. Identify the risks

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2. Identify the risks

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2. Identify the risks

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2. Identify the risks
• What are the hazards?
• Who might be harmed?
• How might they be
harmed?

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3. Estimate the risk
You need to consider two things:
• how likely is it that something
could go wrong?
• how serious would the
outcome be?

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4. Evaluate the risk
Now that you’ve
estimated the risk,
what are you going
to do about it?

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3-4 Tolerable
Look to improve
6-9 Unacceptable
Take immediate action
1-2 Acceptable
No further action, but
ensure controls are
maintained
4. Evaluate the risk

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4. Evaluate the risk

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Likelihood:
1 – Very unlikely
2 – Unlikely
3 – Fairly likely
4 – Likely
5 – Very likely
4. Evaluate the risk

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Consequence:
1 – Insignificant
2 – Minor
3 – Moderate
4 – Major
5 – Catastrophic
4. Evaluate the risk

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4. Evaluate the risk
5-9 Adequate
Look to improve at next review
10-16 Tolerable
Look to improve within
specified timescale
1-4 Acceptable
No further action, but ensure
controls are maintained
17-25 Unacceptable
Stop activity and make
immediate improvements

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4. Evaluate the risk

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5. Record your findings
• hazards and risk levels
• risk controls
• assessor’s details
• review date
• date and time
• the location, activity and
equipment being assessed

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When changes occur (personnel, equipment
or activities), you should review your risk
assessments.
6. Review your findings
It’s a legal requirement
to review assessments
regularly

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• Make sure it’s suitable and sufficient
• Better data helps make better judgements
• Involve the people it’s likely to affect
• Conditions may vary from site to site
• Consider “on the spot” assessments
Tips to improve your risk assessment:

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Put risk assessment into practice

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• What is risk?
• What is a risk assessment?
• How are risk assessments
carried out?
Key learning points: