What is the first step in the Comprehensive Risk Approach?

The first step in the Comprehensive Risk Approach is to identify risks. This stage involves recognizing potential hazards and assessing the environment to understand what risks exist. Identification serves as the foundation for the entire risk management process. It allows teams to compile a detailed understanding of the various factors that contribute to risk, including internal and external influences that may affect safety, operations, or compliance.

Through this step, organizations can develop a clearer picture of where vulnerabilities lie, allowing for more informed decision-making in subsequent actions. Once risks are identified, it becomes possible to evaluate their potential impact, prioritize them based on severity and likelihood, and implement strategies for mitigation. Thus, successful risk management starts with the thorough identification of all possible risks, making this step crucial for effective risk assessment and management later on.