How to carry out a risk assessment

Risk management should be a consideration for any company, regardless of what sector you're working in.

Whether you're operating a farm or a multi-national corporation, being aware of the risks you face on a day to day basis is essential to avoid making a claim on your business liability insurance.

There are several key steps to take that will ensure your risk assessment is as thorough - and effective - as it possibly can be.

Identify potential hazards

Every working environment has hazards and some are more obvious than others. Taking the time to understand exactly what they are is the first proactive step towards producing your risk assessment.

Make sure you assess every element of your business, from the physical working environment to the equipment and substances you use.

Who will be affected?

Once you're confidence you have identified the hazards, it's time to think carefully about who is most likely to be affected.

After all, some pitfalls will impact certain groups of people more than others, so compartmentalising them in this way can simplify the risk management process.

Preventing risks

Not all risks can be prevented, but you may find there are steps you can take to mitigate them.

These need to be factored into your strategy before being put into practice - there's little point in formulating a plan on paper if it never gets put to work!

Review your risk assessment

Assessing the hazards in your business should be a continuous process, so don't think that your work is done as soon as your first draft has been drawn up.

It is a good idea to carry out a review at regular intervals, or when significant changes are made to your organisation, such as a large-scale recruitment drive or the purchase of new equipment.