What serves as the foundation of the risk management process?

Hazard identification serves as the foundation of the risk management process because it is the initial step that sets the stage for all subsequent actions and decisions in managing risk. By identifying hazards, individuals and organizations can gain a clear understanding of what risks exist in their environment or operational activities. This step is critical because only by knowing what hazards may pose threats can one effectively assess the risks associated with those hazards, implement control measures, and make informed decisions on mitigating those risks.

Once hazards are identified, they can be analyzed to determine the level of risk they pose, enabling the development of appropriate strategies to manage and minimize those risks. This foundational step allows for a structured approach to risk management, ensuring that all potential dangers are accounted for before proceeding to risk assessment, risk decision making, and implementing control measures. Hence, without proper hazard identification, the rest of the risk management process would lack the necessary context and detail, leading to potential oversights and unsafe practices.