Q. Is it true that a risk analysis can be performed in place of an arc flash study?
A. An arc flash study is in fact a “risk analysis� if liberally interpreted using NFPA 70E definitions and OSHA regulatory language. Unfortunately, the term “study� has been misinterpreted and misapplied often.

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Risk assessment and electrical hazard analysis are two different processes. Make sure you do not neglect shock hazard analysis as it is the higher risk of exposure of the two electrical hazards.

If you read Annex F in detail you will realize that hazard analysis is a component of risk assessment.

I encourage you to ensure that you do understand the different as the CSA Z462-15 and NFPA 70E-15 will make a distinct difference.
For arc flash and shock the analysis processes will be called arc flash risk assessment and shock risk assessment.

The Electrical Safety Program you should have developed in place will include a Risk Assessment Procedure.