This paper outlines a risk assessment methodology that has been developed through work with major hazard-facilities, including ammonia plants in Australia, satisfying regulations equivalent to the European Seveso II Directive. The methodology is an approach for ensuring an undertaking of effectively assessing the risks associated with major hazards that will not only satisfy regulations and corporate requirements, but also, more importantly, provide a framework for sustainable business processes, by enabling the methodology to be integrated into normal business management processes. The approach enables existing management systems to be effectively incorporated into the evaluation processes. Common pitfalls encountered during the risk assessment process are also discussed. (C) 2004 American Institute of Chemical Engineers Process.