Risk assessment follows after the process of risk analysis, during which an operation or activity is analysed in detail to determine what can go wrong, how it may go wrong, what could the consequences be and what control measures should be put in place to first prevent the incident and what is the likelihood that it will happen with these control in place and what control measures should be put in place to mitigate the consequences should the event occur. This can be conducted using different techniques such as:
- SCHIRP ( Systematic Comprehensive Hazard Identification and Risk profiling, based on the What-if techniques)
- HAZOP (Hazard and Operability Study. Originally developed by the Mond Division of ICI in the UK)
- FMEA (Failure Mode and Effects Analysis)
- FTA (Fault Tree Analysis)
- ETA (Event Tree Analysis)
Once the risk is determined by using one or more the above techniques, it can be assessed to determine whether it is acceptable (can it be tolerated) or not. if the risk cannot be tolerated, additional or alternative control measures should be put in place.