What risk management process is focused on determining the probability and severity of a hazard occurring?

The risk management process that focuses on determining the probability and severity of a hazard occurring is known as risk assessment. This process involves identifying potential hazards, analyzing their likelihood and potential impact, and evaluating the associated risks. By quantifying these factors, organizations can prioritize risks and develop strategies to mitigate or manage them effectively. Ultimately, risk assessment is crucial for informed decision-making and ensuring safety and compliance.