The paper will outline how hazard identification and risk evaluation can effectively be performed to obtain Tolerable Hazard Rates (THR). As a target group manufacturers are addressed, who face the situation, that for a generic application THRs are needed for compliance with EN 50129 [1]. Focusing on functional hazards this paper shows a possible hazard log and the relevant analysis methods. The terms safety barrier and barrier function will be introduced and used instead of the term "safety function". As functional hazards and barrier functions depend on each other, emphasis will be put on a comprehensive and detailed definition of barrier functions and the usage of function lists. By using detailed and complete hazard and barrier function definitions THRs can be obtained while at the same time the approach becomes clear how the hazard rates (HR) will be established.