How do you assess hazards in the Composite Risk Management CRM process?

CRM is a five-step process:

1. Step 1: Identify hazards.
2. Step 2: Assess hazards to determine risk.
3. Step 3: Develop controls and make risk decisions.
4. Step 4: Implement controls.
5. Step 5: Supervise and evaluate.

Estimate the probability and severity and then determine the risk level using the risk assessment matrix.