What is the first step in the Risk Management process?

The first step in the Risk Management process is to identify hazards. This foundational step involves recognizing potential sources of harm or adverse effects that could impact people, property, or the environment. By identifying hazards, organizations can gather the necessary information to understand the risks associated with those hazards, which is crucial for the subsequent phases of risk management.

Once hazards are identified, the organization can then assess the risks related to those hazards, determine the appropriateness of control measures, and implement a risk management plan effectively. This sequence is essential because without properly identifying hazards, the management system would lack the necessary data to address risks adequately, leading to ineffective or incomplete risk mitigation strategies.