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Learn how risk assessments support better decisions, improve workplace safety, manage business risks, and help Singapore organisations strengthen compliance and resilience.
A risk assessment is a systematic process whereby hazards are determined, their probabilities of occurrence evaluated, the magnitude of the damage estimated, and controls established. A risk assessment can be done using five simple steps:
Identification of the hazards
Determining who or what can be affected by the hazards
Assessing the probability and magnitude of the hazard to determine the risk
Establishing the controls to eliminate or minimize the risk
Recording and documenting the findings
These steps apply in any risk management field such as health, financial, operational, IT, supply chain, and compliance.