What process is used to systematically identify hazards and assess associated risks?

The process that systematically identifies hazards and assesses associated risks is known as Operational Risk Management (ORM). ORM is a comprehensive and ongoing process used by organizations to help identify potential risks in activities and operations, analyze the likelihood and consequences of those risks, and implement measures to mitigate or manage those risks effectively.

ORM encompasses a range of systematic practices, including risk assessment techniques that help prioritize risks, allowing organizations to allocate resources efficiently and implement controls to reduce the likelihood of negative outcomes. This holistic approach ensures that risk management is integrated into all aspects of decision-making and operations, fostering a culture of safety and continuous improvement.

Other processes or terms may relate to specific aspects of risk identification or assessment but do not encapsulate the broader, systematic approach to risk management that ORM does. For instance, while a Risk Analysis Framework might provide guidelines on conducting risk analysis, it lacks the comprehensive, integrated methodology that ORM encompasses. Similarly, Safety Assessment Method and Hazard Identification Procedure are specific tools or steps within the broader ORM context but do not represent the overarching process itself.