ERM Risk Identification Toolkit
Risk identification is the process of identifying, evaluating, and documenting potential risks that an organization may face. This is an important step in the risk management process because it helps organizations to proactively anticipate and plan for potential risks that could negatively impact their operations, objectives, or stakeholders.
Risk identification involves identifying events or circumstances that could have an adverse effect on an organization, such as financial losses, damage to reputation, or safety hazards. This process can involve a wide range of sources, including internal data and expertise, external data and benchmarks, and stakeholder feedback.
Once risks are identified, they can be analyzed and evaluated to determine their likelihood and potential impact. This information can then be used to prioritize risks and develop risk management strategies to mitigate or avoid them.
Effective risk identification requires a comprehensive understanding of an organization's objectives, operations, and environment, as well as the ability to think critically and creatively about potential risks. It is an ongoing process that should be revisited periodically to ensure that new risks are identified and addressed as they arise.
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