What serves as the foundation of the entire risk management process?

The foundation of the entire risk management process is hazard identification. This step is crucial because it involves recognizing and analyzing potential hazards that could lead to adverse events. By identifying hazards, organizations can subsequently assess and manage risks associated with them.

Hazard identification sets the stage for risk assessment, where the identified hazards are evaluated to determine their risks. Without knowing what the hazards are, it would be impossible to conduct an effective risk assessment or to implement suitable controls. This first step is critical in ensuring that any further actions taken in risk management, such as decision making and hazard control, are based on a comprehensive understanding of the potential risks involved. Therefore, effective hazard identification is essential for informing and guiding the entire risk management process.