What is a key factor in risk management during product development?

Identifying and mitigating potential hazards associated with the product is essential in risk management during product development. This process helps ensure the safety and effectiveness of the product before it reaches the market. By recognizing possible risks early, such as design flaws, material safety concerns, or compliance issues with regulations, companies can implement strategies to address these hazards. This proactive approach not only protects consumers but also safeguards the company from potential legal liabilities and reputational damage in the long run.

In risk management, the focus is on creating a product that meets regulatory requirements and does not pose any harm to the users or environment. Understanding and addressing these risks is a vital step in the development process, ensuring that the product not only succeeds in the marketplace but does so in a responsible and ethical manner.