Which item is NOT listed as part of the RM assessment steps in the material?

Which item is NOT listed as part of the RM assessment steps in the material?

• A. Identify hazards
• B. Assess hazards
• C. Develop controls
• D. Accept risk

Answer: (D)

The main idea here is how risk management is carried out in the assessment stage: you first surface what could cause harm, then judge how serious and how likely that harm is, and finally decide on measures to reduce the risk. Identifying hazards means listing all potential sources of harm. Assessing hazards involves evaluating the risk by considering both the likelihood of occurrence and the potential impact. Developing controls means selecting and applying measures to lower the risk to an acceptable level. Accepting risk, on the other hand, is a management decision made after the assessment and control steps have been considered; it deals with whether any residual risk is tolerable rather than with identifying or evaluating hazards or creating controls. So, acceptance of risk isn’t part of the RM assessment steps in the material.

The main idea here is how risk management is carried out in the assessment stage: you first surface what could cause harm, then judge how serious and how likely that harm is, and finally decide on measures to reduce the risk. Identifying hazards means listing all potential sources of harm. Assessing hazards involves evaluating the risk by considering both the likelihood of occurrence and the potential impact. Developing controls means selecting and applying measures to lower the risk to an acceptable level. Accepting risk, on the other hand, is a management decision made after the assessment and control steps have been considered; it deals with whether any residual risk is tolerable rather than with identifying or evaluating hazards or creating controls. So, acceptance of risk isn’t part of the RM assessment steps in the material.