The process of carrying out a risk assessment should be “suitable and sufficient” and include:

The Health and Safety Executive in the UK has published Five Steps to Risk Assessment to help. This process works well but there are other methods, particularly for more complex risks and circumstances. 

Step 1 Identify the hazards
Step 2 Decide who might be harmed and how
Step 3 Evaluate the risks and decide on precautions
Step 4 Record findings and implement them
Step 5 Review assessment and update if necessary

http://www.hse.gov.uk/risk/

5 steps to risk assessment leaflet
HSE Five Steps PDF

By carrying out the Risk Assessment Process, companies can

There are various specialist electrical engineering organisations which will carry out a full arc flash study, including calculating the incident arc energy – please ask for further details.