Risk assessment is the process of identifying hazards, analyzing risks, and determining appropriate controls. It helps protect worker health and safety. A competent team should conduct risk assessments by identifying hazards, evaluating likelihood and severity of potential injuries, reviewing health and safety information, and identifying risk control actions. Hazards are identified by examining all work aspects, records, and foreseeable conditions. Risks are prioritized based on exposure, frequency, harm severity, and probability. Researching hazards using sources like MSDS sheets, standards, and past incidents helps determine if a hazard is serious.