Risk Assessment in Occupational Safety and Health is about identifying the hazards and determine our exposure and consequence to that hazard. Determine the exposure to the existence hazard is the first step in its risk assessment. What is your and other workers' exposure to the hazards : daily, weekly, monthly or occasionally. Then you consider what is the CONSEQUENCE of that hazard and what is its PROBABLITY. The CONSEQUENCE can be No injury, Minor injury, Moderate injury and Severe injury even Fatality. The probability of the consequence can be determined from the record or database of your workplace or other workplace, it is either probably, possibly, unlikely or rare.
Some Risk Registered System assigned the value to the Exposure level and Consequence to make it looks quantitative, therefore the RISK will be the product of: Exposure X Consequence.This quantitative value formed what we called Risk Matrix.
From the Risk Assessment we decide whether the RISK is acceptable or not. ALL RISK that result in FATALITY, DAMAGE to property and environment are not acceptable.
Either the risk is acceptable or not, you have to do something to reduce the risk as practicable as possible, this step is called CONTROL MEASURE or RISK MANAGEMENT.
The above is the simplest way I can explain on what is risk assessment and risk management.