Numerous techniques to assess risk are available. Most formal techniques are based on identifying the hazard (the potential for harm), and determining the amount of risk (low, medium or high) by calculating, observing or estimating:
More sophisticated risk assessment techniques might include an estimate of how risk is affected by employee fatigue, ambient temperature, humidity and metabolic rate, tools and equipment being used, and the number of hazards to which an employee is simultaneously exposed. These risk assessment techniques carry ominous names such as hazard and operability analysis, structured what-if analysis, fault tree analysis, and cause and effect analysis.