Rajesh Patwardhan

HIRAC - Hazard identification, risk assessment and control.
 
This tool has been used by the industry for decades globally. It's a very powerful tool and goes with identification of each (typically a risk identification register), with a 3x3 or 5x5 matrix for assessment of risks.
 
Typically, it can be used effectively for Project risk management bug has largely been used for Health and safety risk assessments. ERICPD - Eliminate, Reduce, Isolate, Control and PPE and Demarcation is the methodology used with HIRAC to manage risks in a decreasing order of effect each of these techniques of risk management has, with Elimination being the best and most desirable methodology to Demarcation being the least impact full and effective.
The HIRAC methodology is extremely effective provided there's continuous and full cooperation within team with significant focus on identification of risk, assessment of the risk and choice of methodology to control.
The CDM regulations in the UK promote use these methodologies extremely seriously and have put significant onus on all stakeholders from Owners to Consultants to Contractors and Subcontractors to contribute to this.

The second approach is more scientific. The first approach is adhoc and actually assumes the result of hypotheses. While the first approach may seem to require lower investment initially, since you are trying to prove significance, you are gradually increasing sample size and hence may end up spending more due to iterative approach. 
 
In case of the second one, we are adopting an unbiased approach to problem solving. The second approach defines clearly the sample size needed to reach a conclusion with certain confidence level, and may seem costlier, but in the end will save a lot of money and provide unbiased outcome which can be relied upon