Final answer:
The 5-step process of risk management involves identifying and assessing hazards, implementing controls, supervising and evaluating, and continuous improvement.
Step-by-step explanation:
The 5-step process of risk management is a systematic approach to identify and assess hazards, implement controls, supervise, and evaluate.
Step 1: Identifying Hazards: This involves identifying potential risks or threats that could harm individuals, property, or the environment. For example, in a workplace setting, hazards could include slippery floors, faulty equipment, or chemical spills.
Step 2: Assessing Hazards: Once hazards are identified, they need to be assessed in terms of severity and likelihood. This helps prioritize the risks and allocate resources accordingly. For example, assessing the likelihood of a fire in a building can help determine the need for fire extinguishers and fire alarms.
Step 3: Implementing Controls: Controls refer to measures taken to minimize or eliminate the identified hazards. This can include engineering controls (e.g., installing safety barriers), administrative controls (e.g., implementing safety policies), and personal protective equipment (e.g., providing safety goggles).
Step 4: Supervising and Evaluating: Once controls are in place, they need to be supervised and evaluated to ensure their effectiveness. This involves regular inspections, monitoring, and reviewing incident reports. For example, the effectiveness of safety procedures can be evaluated by tracking the number of accidents that occur in the workplace.
Step 5: Continuous Improvement: Risk management is an ongoing process, and continuous improvement is essential. This involves learning from incidents, conducting regular risk assessments, and updating controls accordingly. For example, if a new hazard is identified or if a control measure is found to be ineffective, adjustments can be made to improve safety.