1. Define the Scope: Clearly outline the boundaries of the assessment. 2. Gather Information: Collect relevant data on chemicals, processes, and operating conditions. 3. Risk Analysis Tools: Use tools such as HAZOP (Hazard and Operability Study), FMEA (Failure Modes and Effects Analysis), and What-If Analysis. 4. Expert Judgment: Engage with experienced professionals for subjective assessment. 5. Document Findings: Record all identified risks, their potential impacts, and mitigation strategies.