What are the key components of a risk assessment?

The correct answer focuses on the identification of hazards and evaluation of risks, which are essential components of a thorough risk assessment process. This is vital in ensuring a safe working environment, especially in engineering and maritime contexts. Risk assessments begin with identifying potential hazards that could cause harm to personnel, equipment, or the environment. After these hazards are identified, evaluating the associated risks entails analyzing the likelihood of occurrence and the potential severity of consequences.

This approach enables organizations to prioritize risks based on their potential impact, directing resources and preventive measures where they are most needed. It ultimately fosters a proactive safety culture and informs decisions related to safety protocols, training, and emergency responses.

In contrast, the other options, while they may relate to safety and risk management in some aspects, do not capture the core elements essential to risk assessment. Crew preferences and training, financial analysis, and audits of past accidents may support risk management, but they do not constitute the fundamental process of identifying hazards and evaluating risks that is central to an effective risk assessment.