How to assess risks - Assessing and controlling risk, part 2.

In the second step, assess the risks that your hazards could pose. Base your assessment on how likely they are to happen and how severe that harm could be.
For more information go to: https://www.epa.vic.gov.au/risk

Transcript:
Assessing and Controlling Risk, a guide for business. Video two: Assess risks.
Once you identify your hazards, you need to assess the risk they could pose.
This involves looking at how hazards might cause harm based on how likely they are to happen, and how severe that harm could be.
Simply put, risk assessment means understanding, preventing and controlling hazards on your site that could cause harm.
Now let’s discuss the second of these steps, how to assess risks.
The first step is to establish the likelihood of the harm happening. You should find out if the hazard has already caused harm in the past at your operating site or other similar sites, what controls are currently in place, the frequency of the hazard (does it exist all the time or only sometimes), and the way that your staff or others may behave when the hazard occurs.
Once you understand the likelihood, it is then important to work out how severe this harm could be if it happens, this is sometimes called the consequence.
Think about impacts to community and the environment, including local creeks and waterways. (cat) Likelihood and consequence information gathered as part of this risk assessment process will help you decide what controls to put in place.
A risk matrix which rates the likelihood and consequence can be a helpful ranking tool to inform a business’s processes and systems.