Icologiq Knowledge · Process
Risk Assessment
A structured assessment used to identify hazards or uncertainties, estimate their risk and determine whether controls or further action are required.
Also known as:
risk analysis, risk evaluation
At a glance
Type
Process
Topic
Risk
Applies to
Cross-industry
Current version
Status
Last reviewed
September 14, 2026
Definition
A risk assessment identifies relevant hazards or uncertainties, considers likelihood and consequence or other defined criteria, evaluates existing controls and determines whether additional measures are needed. The method should suit the type of risk and operational context.
Why it matters
Risk assessment matters because decisions about controls should be based on a structured understanding of hazards or uncertainties, their potential consequences, the likelihood of occurrence and the effectiveness of existing measures.
Clarify the activity, decision, boundaries, assumptions and people affected so the assessment is focused on the right problem.
Define context and scope
1
Use process knowledge, data, incidents and expert input to identify what could happen and why.
Identify hazards and risk sources
2
Estimate relevant dimensions of risk using a method suited to the decision and make uncertainty or data limitations visible.
Analyze likelihood and consequence
3
Compare the analyzed risk with defined criteria or tolerance to decide which risks require treatment, escalation or acceptance.
Evaluate against criteria
4
Select preventive, detective or mitigating measures and assign ownership for implementation where existing controls are insufficient.
Define or improve controls
5
Reassess when controls, assumptions, operations or external conditions change and verify that treatment has altered the risk as intended.
Review and update
6
Process explained
A practical risk assessment process
Risk Assessment turns uncertainty into a structured basis for decisions. The exact method depends on context, but useful assessments define the decision, identify hazards or risk sources, evaluate risk consistently and record the controls or treatment needed.
The coordinated process of identifying, assessing, treating, monitoring and communicating risks that could affect objectives, safety, quality or compliance.
Risk Management
Process
· Risk
A grid that combines likelihood and consequence or severity ratings to support consistent risk evaluation and prioritization.
Risk Matrix
Method
· Risk
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