Risk assessment is a term used to describe the overall process or method where you: Identify hazards and risk factors that have the potential to cause harm (hazard identification).Analyze and evaluate the risk associated with that hazard (risk analysis, and risk evaluation).Determine appropriate ways to eliminate the hazard, or control the risk when the hazard cannot be eliminated (risk control).A risk assessment is a thorough look at your workplace to identify those things, situations, processes, etc. that may cause harm, particularly to people. After identification is made, you analyze and evaluate how likely and severe the risk is. When this determination is made, you can next, decide what measures should be in place to effectively eliminate or control the harm from happening.