In many instances, the execution of hazard analyses and risk assessments has become an exercise in completing a tall stack of worksheets to fulfill a project milestone, satisfy a client, or proceed quickly with a process or operational change. In many other instances, the risk assessment process may be completely omitted due to lack of knowledge or pressing project/operational need.

Organizations that approach risk management in this manner have the potential to unknowingly accept significant risks to the safety of employees, the environment, and to the reliable operation of their equipment and facilities which can lead to substantial financial loss and damage to brand and reputation.

In offering solutions and approaches for maximizing risk assessment utility, a review of the fundamental purpose of conducting hazard analyses and risk assessments is warranted. A general definition of the key terms, hazard analysis and risk assessment are provided below.

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