What is the second step in the risk management cycle?

The second step in the risk management cycle is to assess hazards. Once hazards have been identified, which is the first step, it's essential to evaluate and analyze those hazards to determine the potential risks they pose.

Assessing hazards involves examining the likelihood of each hazard leading to an incident and the severity of the outcomes if the hazard is realized. This assessment helps prioritize which hazards require immediate attention and which control measures may be necessary. By assessing hazards, organizations can make informed decisions about risk management strategies and allocate resources effectively to mitigate those risks.

In the context of the risk management cycle, assessing hazards follows the identification of hazards, leading to the development of appropriate controls to manage those identified risks effectively. This systematic approach allows for a comprehensive understanding of the risks involved and ensures that any response measures are grounded in solid analysis of the dangers present.