Identify the chemical hazards. Consider who might be affected and how they might be harmed. Evaluate the risks- what are you doing now and what further precautions are needed? Document and implement your findings. Update and review as required. The goal of chemical risk assessment is to have a full understanding of the nature, magnitude and probability of a potential adverse health or environmental effect of a chemical. It takes into account of both hazard and exposure. Risk assessment forms the foundation of regulatory decisions for industrial chemicals, pesticides, pharmaceuticals, cosmetics, food additives and food contact substances in developed countries today.