The risk assessment identifies hazards at a school party including tripping over wires, falling on stairs, hearing loss from loud music, and equipment breaking when carried up and down stairs. Measures have been taken to prevent injuries like monitoring wires on the floor, watching steps and holding the rail, controlling music volume, and securely holding equipment during stair transport. Khem Slawson and Rachael Halstead are responsible for safety actions and oversight of around 2 people at risk.