What Is a Risk Assessment? A Beginner’s Guide for Property Managers
A risk assessment is a systematic process of identifying hazards, evaluating the risks they pose, and determining appropriate control measures. It’s a legal requirement under the Management of Health and Safety at Work Regulations 1999 for all employers and self-employed persons, and it forms the foundation of effective health and safety management in property management.
The Health and Safety Executive (HSE) recommends a five-step approach to risk assessment: identify the hazards, decide who might be harmed and how, evaluate the risks and decide on precautions, record your significant findings, and review your assessment regularly. This structured approach ensures nothing is overlooked and provides a defensible record of your safety management.
In property management, risk assessments take many specialised forms. Fire risk assessments examine fire hazards and means of escape. Legionella risk assessments evaluate water system risks. COSHH assessments address hazardous substances. Manual handling assessments cover physical risks. Each type follows the same fundamental principles but applies them to specific hazard domains.
A good risk assessment doesn’t need to be complicated, but it does need to be suitable and sufficient. This means it should be proportionate to the risks involved, identify all significant hazards, evaluate who is at risk (including contractors, visitors, and vulnerable people), and result in practical control measures that reduce risk to an acceptable level.
Risk assessments must be reviewed regularly — at least annually for most property-related assessments, or whenever there’s a significant change in circumstances, an incident occurs, or new information about hazards becomes available. Keeping assessments current is just as important as conducting them in the first place.
Custodia’s risk assessment tools help property managers create, track, and review risk assessments across their portfolio, with templates for common property hazards, automated review reminders, and action item tracking to ensure recommendations are implemented.