Seo Toolbar by Risk Assessment Form - Version 1.0 The goal of risk assessment is to identify any possible causes of harm, and the probability of that harm occurring, taking into account the safeguards already in place, as well as further safeguarding measures necessary to reduce that chance before accidents arise.A potential hazard is anything which can cause harm e.g. a knife in a restaurant. The potential severity of damage from that knife could be minor or major, depending on the actual knife and activity being performed.