ABSTRACT
Failure to identify the hazards, analyze and evaluate the risk, and set up control measures triggers off a chain of events that lead to accidental loss. Risk assessment is a method that is predictive and can indicate potential for loss. With this knowledge an organization is then able to set up the necessary management controls to prevent the risks resulting in losses such as injuries, property damage, business interruptions, and environmental pollution. Risk management combines the safety management functions of safety planning, organizing, leading, and controlling of the activities of a business so as to minimize the adverse effects of accidental losses produced by the risks arising from the organization. The process of risk assessment can be defined as the evaluation and quantification of the likelihood of undesired events and the likelihood of injury and damage that could be caused by the risks.
