To begin our procedure for applying an effective Risk Management strategy, we must successfully identify what our organisation’s risks are.

Risk Management begins at Risk Identification. Risk Identification is “an investigation of where the organisation is exposed to uncertainties and potential dangers”. In simplest terms, the Risk Identification process is a “list making” task conducted by searching through the organisation to identify where uncertainties can occur. It looks at “what could happen?”

This section focuses on three main areas of risk identification:

1. The upside of risk
2. Factors to consider in Risk Identification
3. Risk Identification techniques

Because Risk Identification is the starting point of Risk Management we need to begin listing our findings in a Risk Register.

Without identifying important risks, it would be impossible to manage them. Because of this, the Risk Identification process is not a subject to be taken lightly.