Conducting a risk assessment involves evaluating the potential hazards and operational risks associated with catalytic processes. This includes assessing the likelihood and impact of catalyst deactivation, process upsets, and equipment failures. The assessment should also consider external factors such as feedstock variability and regulatory changes. Tools such as Failure Mode and Effects Analysis (FMEA) and Hazard and Operability Study (HAZOP) can be employed to systematically identify and prioritize risks.