Risk Assessment Framework

A Risk Assessment Framework is a structured approach used to identify, analyze, and manage potential risks that could negatively impact an organization or project. It involves several steps: identifying hazards, assessing their likelihood and potential impact, evaluating existing controls, and deciding on measures to mitigate these risks. By systematically examining risks, organizations can prioritize their responses, allocate resources effectively, and enhance decision-making. This framework helps ensure safety, compliance, and strategic planning, ultimately protecting assets and achieving goals.