What is the first step in the Risk Management process?

Identifying hazards is the crucial first step in the Risk Management process because it involves recognizing and understanding potential sources of harm or adverse effects that could impact individuals, teams, or the organization as a whole. This step lays the groundwork for all future risk management activities, as effective risk management relies on a clear understanding of what risks are present.

Without identifying hazards, it is impossible to adequately assess the level of risk, develop appropriate controls, or implement strategies to mitigate those risks. Once hazards are identified, the organization can proceed to assess the risks associated with those hazards, which is essential to prioritize actions and allocate resources effectively. This foundational step ensures that subsequent stages of the risk management process are based on accurate and relevant information, ultimately leading to a safer and more informed operational environment.