MANAGEMENT

Detailed explanation-1: -Step 1 – Identify hazards. Step 2 – Assess hazards to determine risk. hazards and a residual RAC is assigned to controlled hazards. Step 3 – Develop controls and make risk decisions.

Detailed explanation-2: -Assess the risks Once you have identified the hazards, decide how likely it is that someone could be harmed and how serious it could be. This is assessing the level of risk.

Detailed explanation-3: -The first component in implementing the Risk Management Framework is to identify the risks that the organization faces. These might include strategic, legal, operational and privacy risks. It is important to note that risk identification is not a one-time process.

Detailed explanation-4: -The first step of the risk management process is called the risk assessment and analysis stage. A risk assessment evaluates an organization’s exposure to uncertain events that could impact its day-to-day operations and estimates the damage those events could have on an organization’s revenue and reputation.