What is a critical step in conducting a risk assessment?

Gathering data on potential hazards is a fundamental step in conducting a risk assessment because it provides the necessary information to identify and evaluate risks associated with specific activities or processes. This data collection can include historical incident reports, safety inspections, and environmental assessments, all of which help in understanding the likelihood and consequences of identified hazards. By systematically collecting this data, organizations can prioritize risks based on their severity and frequency, leading to informed decision-making regarding risk management strategies.

While training employees on safety procedures is important for ensuring that staff understand how to mitigate identified risks, it occurs after the risks have been identified and assessed. Establishing customer relations is essential for a company's overall success but does not directly relate to the process of risk assessment. Reviewing pricing models pertains to financial aspects and strategic planning, which are separate from the focus on risk assessment. Thus, gathering data on potential hazards serves as the foundation for a thorough and effective risk assessment process.