How to identify risks? - SilverBulletRisk - Deepstash
How to identify risks? - SilverBulletRisk

How to identify risks? - SilverBulletRisk

Curated from: silverbulletrisk.com

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Risk register

Risk register

Before you start risk management, it is important to identify the risks the company is exposed to.
Establish a catalogue of risks or a"risk register"

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Definition of a risk

A risk can be defined as an effect of uncertainty on the objective. It is a different outcome from what you expected and can address, create or result in opportunities and threats.

  • Risk is not an expected adverse development. If you expect the outcome, it is not a risk.
  • Risk is not a difficulty or a challenge if you are already aware that the situation exists now.

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Risk terminology

  • Threat – the source of the risk event that causes uncertainty.
  • Risk exposures – the amount that theoretically is at risk if the threat becomes a reality.
  • Risk – the collection of threats/causes and exposures that are treated and managed as a single whole.
  • Risk levels – risk level indicates how serious the risk is.

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When identifying risk

Identifying as many risks as possible often leads to not being able to manage it all properly.

  • First, identify the risks with the largest potential loss or financial impact. Then collect smaller risks together that can be managed as a group. Smaller risks have minor financial consequences.
  • Risk should not ‘overlap.’ It could lead to the wrong results.
  • Avoid too vague risks.
  • Lack of imagination. Major disasters are the unimaginable ones that have never happened before. You can always dismiss it later if rigorous analyses show that the risk is unrealistic.

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Risk identification techniques

One method is to ask the people with knowledge about the functioning of the organization, what could go wrong. It can be done using brainstorming, questionnaires, self-reporting etc. 

The second class of methods are more analytical and engineering methods. These methods are used to find hidden critical failure points that were missed at first. 

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