Step 1: Risk Identification

Risk identification is the process of determining risks that could potentially prevent the programme, enterprise, or investment from achieving its objectives.

Risk Insights Explorer supports management in undertaking risk identification and assessment in a disciplined and systematic way, an approach we believe is the first step in establishing vital risk communication within an organisation.

Using Risk Insights Explorer management undertake event identification to develop a list of specific events that, if they occur, could affect your organisations ability to achieve its objectives. For each event, management performs a risk assessment by evaluating the likelihood that the event will occur and estimating the probable impact of the event if it does occur.

Risk Insights Explorer provides a holistic lens for viewing the interdependent nature of business risks. Because events do not occur in isolation, management should understand how events interrelate. By assessing interrelationships, your leadership team can determine where risk management efforts are best directed.