Hazard Analysis
Hazard analysis is basically a what-if type of analysis. Imagine the equipment installed and functioning, and then think of what could go wrong or something a person might do with (no matter how dumb). For example a hydraulic hose under pressure may leak. Potential result someone gets sprayed in the eye with hydraulic fluid. Or a maintenance person may be working on a coupling between a motor and a pump, and someone turns on the motor. Result broken fingers. You get the idea. The documents that will guide you through this are parts one and two of Safety of Machinery: EN ISO 14121-1 and EN ISO 14121-2. There you will find a detailed list of the types of hazards that can occur.
Risk Assessment
Risk assessment is performed for each identified hazard. Risk is the product of a hazard's potential severity (ranging from near neglible to loss of life), it's likelihood of occurrence (ranging from almost impossible to almost certain), and potential number of persons affected. For example walking on a board 1 foot off the ground or 30 feet up in the air both have the same likelihood of mistepping and falling off. However the severity of potential injury is small in the first case but large in the second. Hence the second scenario has a much higher risk.
Risk Reduction
Risk reduction are the steps taken to eliminate the risk, reduce the risk to a lower level, or provide sufficient warnings and training if the risk can not be reduced.
More to come