Hazard identification can be performed independent of risk assessment. However, the
best result is obtained if they are done together. One outcome is that hazards of low probability
and minimal consequences are identified and addressed with the result that the process is
"gold-plated." This means that potentially unnecessary and expensive safety equipment and
procedures are implemented. For instance, flying aircraft and tornadoes are hazards to a chemical
plant. What are the chances of their occurrence, and what should be done about them? For
most facilities the probability of these hazards is small: No steps are required for prevention.
Likewise, hazards with reasonable probability but minimal consequences are sometimes also
neglected.
An important part of the hazard identification procedure shown in Figure 10-1 is the risk
acceptance step. Each organization using these procedures must have suitable criteria.
Many methods are available for performing hazard identification and risk assessment.l
Only a few of the more popular approaches are considered here. No single approach is necessarily
best suited for any particular application. The selection of the best method requires experience.
Most companies use these methods or adaptations to suit their particular operation.