A risk assessment is “a process to identify potential hazards and analyze what could happen if a hazard occurs” (Ready.gov). Its aim is to help you uncover risks your organization could encounter.

Knowing potential hazards makes it easier to either reduce the harm they cause or (ideally) prevent incidents completely, rather than dealing with the consequences afterwards.

This systematic process can uncover glaring risks of fraud, gaps in security, or threats to staff wellbeing before it’s too late. It can also mean the difference between a new project, policy, or process being successful or failing. One catastrophic risk that goes unnoticed could put an immediate stop on any project or event.