Which of the following is a key component of risk assessment?

Identifying hazards is indeed a key component of risk assessment because it involves recognizing potential sources of harm or situations that could lead to injury, illness, or property damage within a given environment. This process is crucial as it lays the foundation for the entire risk assessment process, allowing safety professionals to evaluate the severity of each hazard and determine appropriate control measures.

By identifying hazards, organizations can proceed to assess the risks associated with those hazards, which includes analyzing the likelihood of occurrence and the potential impact. This step is vital in developing effective strategies for risk management, ensuring that protective measures are implemented to mitigate or eliminate the identified risks.

In contrast, the other options do not contribute positively to the risk assessment process. Ignoring past incidents neglects valuable lessons learned from previous experiences, while assuming all risks are manageable dismisses the complexities involved in risk analysis. Lastly, requiring no follow-up actions undermines the importance of monitoring and reviewing risk management strategies, which is essential for continuous improvement and safety assurance.