Formal risk assessment

Formal risk assessment is a systematic process used to identify, evaluate, and prioritize potential risks that could negatively impact a project, organization, or activity. It involves analyzing what could go wrong, how likely it is to happen, and the potential consequences. By assessing these risks, decision-makers can implement strategies to minimize or manage them effectively. The goal is to enhance safety and ensure that resources are allocated wisely to mitigate risks, ultimately helping to achieve objectives more securely and efficiently.